SOURCE: Saxena White P.A.

Saxena White P.A.

April 08, 2011 23:58 ET

Saxena White P.A. Files a Securities Fraud Class Action Against NIVS IntelliMedia Technology Group, Inc.

Includes Claims for Purchases Made Pursuant to April 20, 2010 Secondary Stock Offering

BOCA RATON, FL--(Marketwire - Apr 8, 2011) - Saxena White P.A. announces that it has filed a class action lawsuit in the United States District Court for the Central District of California on behalf of investors who purchased NIVS IntelliMedia Technology Group, Inc. ("NIVS IntelliMedia" or the "Company") (NYSE Amex: NIV) common stock between the period of March 24, 2010 and March 25, 2011, inclusive (the "Class Period"), and/or who directly purchased shares on the Secondary Stock Offering on April 20, 2010.

The Complaint filed by Saxena White asserts violations of the federal securities laws against NIVS and its officers and directors, along with the underwriters of the Secondary Stock Offering, for misrepresenting the true financial condition of the Company. On March 25, 2011, the Company filed an 8-K with the SEC revealing that the Company's auditor MaloneBailey LLP ("MB") had resigned in connection with "significant difficulties encountered during the 2010 audit." The auditors suspected accounting irregularities and fraud at NIVS. As a result, the Company announced that its financial statements included in the Company's annual report for the year ended December 31, 2009 and interim periods for the first three quarters of 2010 should not be relied upon by investors. MB also found that it could no longer rely upon the Company's management representations. Since March 24, 2011, trading in the Company's stock has been halted.

You may obtain a copy of the complaint and join the class action at www.saxenawhite.com. If you purchased the common stock of NIVS IntelliMedia between the period of March 24, 2010 and March 25, 2011, inclusive (the "Class Period"), and/or directly purchased shares on the Secondary Stock Offering on April 20, 2010, you may contact Greg Stone or Joe White at Saxena White P.A. to discuss your rights and interests.

If you purchased NIVS IntelliMedia shares during the Class Period and wish to apply to be the lead plaintiff in this action, a motion on your behalf must be filed with the Court no later than Tuesday, May 31, 2011. You may contact Saxena White P.A. to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member.

Saxena White P.A., which has offices in Boca Raton, Boston and Montana, specializes in prosecuting securities fraud and complex class actions on behalf of institutions and individuals. Currently serving as lead counsel in numerous securities fraud class actions nationwide, the firm has recovered hundreds of millions of dollars on behalf of injured investors and is active in major litigation pending in federal and state courts throughout the United States.

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