NIVS IntelliMedia Technology Group, Inc.
Saxena White is serving as Lead Counsel in a securities fraud class action asserting violations of the federal securities laws against NIVS IntelliMedia Technology Group, Inc. ("NIVS") and its officers and directors for issues materially false and misleading representations concerning the financial condition of the company. NIVS is engaged in the design, manufacture, marketing and sale of consumer electronic products, which consist primarily of audio and video products. On April 11, 2013, Plaintiffs filed a Second Amended Complaint. Prior to Defendants’ filing their respective motions to dismiss, the action was stayed to allow the parties an opportunity to discuss a possible resolution to the action.
During the stay of the action, the parties reached a tentative settlement of the action. On April 28, 2014, Plaintiffs filed their motion for preliminary approval of the settlement. On March 31, 2015, the Honorable Kimba M. Wood of the United States District Court for the Southern District of New York determined that the $1,350,000 settlement was fair, reasonable and adequate in all respects.