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The Shuman Law Firm Announces the Filing of a Class Action Lawsuit against NIVS IntelliMedia Technology Group, Inc.

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  Published in House and Home on Monday, April 11th 2011 at 18:20 GMT by Market Wire
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BOULDER, Colo.--([ BUSINESS WIRE ])--[ The Shuman Law Firm ] today announced that a class action lawsuit has been filed 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") (AMEX:NIV) common stock between the period of March 24, 2010 and March 25, 2011, inclusive (the "Class Period").

"based its resignation on what it characterized illegal acts involving the Company's accounting records and bank statements and discrepancies in accounts receivable."

If you wish to discuss this action or have any questions concerning this notice or your rights and interests with respect to this matter, please contact Kip B. Shuman or Rusty E. Glenn toll-free at (866) 974-8626 or email Mr. Shuman at [ kip@shumanlawfirm.com ] or Mr. Glenn at [ rusty@shumanlawfirm.com ].

The Complaint asserts violations of the federal securities laws against NIVS IntelliMedia and its officers and directors for allegedly 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." According to the Company, MB "based its resignation on what it characterized illegal acts involving the Company's accounting records and bank statements and discrepancies in accounts receivable." Since March 24, 2011, trading in the Company's stock has been halted.

If you purchased NIVS IntelliMedia common stock during the Class Period, you may request that the Court appoint you as lead plaintiff of the class no later than May 31, 2011. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions and shareholder derivative actions.