SOURCE: Milberg LLP

April 07, 2011 17:48 ET

Milberg LLP Announces the Filing of a Securities Fraud Class Action Lawsuit Against NIVS IntelliMedia Technology Group, Inc.

NEW YORK, NY--(Marketwire - Apr 7, 2011) - A class action lawsuit was filed in the United States District Court for the Central District of California on behalf of purchasers of NIVS IntelliMedia Technology Group, Inc. (NYSE Amex: NIV) securities from March 24, 2010, through March 25, 2011, inclusive (the "Class Period"). The complaint alleges that throughout the Class Period, Defendants knew or recklessly disregarded that their public statements concerning NIVS's business, operations and prospects were materially false and misleading.

On March 24, 2011, NYSE Regulation, Inc. abruptly halted trading in the common stock of NIVS. Then, on March 25, 2011, the Company filed a Current Report with the SEC on Form 8-K that disclosed the Audit Committee of the Board of the Directors had dismissed NIVS's independent auditor, MaloneBailey LLP. According to the Company, MaloneBailey "based its resignation on what it characterized [as] illegal acts involving the Company's accounting records and bank statements and discrepancies in accounts receivable."

If you purchased NIVS securities during the Class Period you may, no later than May 30, 2011, file a motion with the Court to appoint you lead plaintiff. A lead plaintiff is a representative party that directs the litigation, and will be the movant that the Court determines to have the largest financial interest in the litigation with claims typical of those of other class members and the ability to adequately represent the class. Your share in any recovery will not be enhanced by serving as a lead plaintiff. You do not need to be a lead plaintiff to recover in a class action; you can recover as an absent class member. You may retain Milberg LLP, or other attorneys, for this action, but do not need to retain counsel to recover as an absent class member. The complaint in this action was not filed by Milberg.

Founded in 1965, Milberg has offices in New York, Los Angeles, Tampa, and Detroit. The Firm has litigated landmark cases and recovered billions for shareholders and consumers. Our website (www.milberg.com) has additional information.

You can contact the following attorney for more information:

Contact Information

  • Andrei V. Rado, Esq.
    Milberg LLP
    One Pennsylvania Plaza, 49th Fl.
    New York, NY 10119-0165
    Phone number: (800) 320-5081
    Email: contactus@milberg.com

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