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Rosen Law Firm Representing Shareholders Files Class Action Charging NIVS IntelliMedia Technology Group, Inc. With Securities F

^{Published on 2011-04-01 21:00:26 - Market Wire}
 

NEW YORK, NY--(Marketwire - April 1, 2011) - The Rosen Law Firm, P.A. today announced that it has filed a class action lawsuit on behalf of investors who purchased securities of NIVS IntelliMedia Technology Group, Inc. (NYSE Amex: [ NIV ]) during the period from March 24, 2010 through March 25, 2011 (the "Class Period"), seeking to recover damages for violations of federal securities laws. The action also includes purchasers of the Company's stock through the Company's public offering that closed on April 23, 2010.

To join the NIVS class action, visit the firm's website at [ http://rosenlegal.com ], or call Laurence Rosen, Esq. or Phillip Kim, Esq., toll-free, at 866-767-3653; you may also email [ lrosen@rosenlegal.com ] or [ pkim@rosenlegal.com ] for information on the class action. The case filed by the Rosen Law Firm is pending in the U.S. District Court for the Central District of California.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.

The Complaint asserts violations of the federal securities laws against NIVS and its officers and directors 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." MB "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, effectively rendering the Company's stock illiquid and damaging investors.

If you wish to serve as lead plaintiff, you must move the Court no later than May 30, 2011. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Laurence Rosen, Esq. or Phillip Kim, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at [ lrosen@rosenlegal.com ] or [ pkim@rosenlegal.com ]. You may also visit the firm's website at [ http://www.rosenlegal.com ].

The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.