NEW YORK, May 3, 2011 (GLOBE NEWSWIRE) -- Shareholders of NIVS IntelliMedia Technology Group, Inc. ("NIVS" or the "Company") (AMEX:NIV) are reminded that class action lawsuits were filed on behalf of those who purchased common stock between March 24, 2010, through March 25, 2011.
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 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 or diminished 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.
Milberg LLP has been representing individual and institutional investors for more than four decades and serves as lead counsel in federal and state courts throughout the United States. Please visit the Milberg website ( www.milberg.com ) for more information about the firm. If you wish to discuss this matter with us, or have any questions regarding this matter, please contact the following attorney:
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CONTACT: Milberg LLP (800) 320-5081