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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Nova Lifestyle Inc | NASDAQ:NVFY | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.0366 | -1.60% | 2.2534 | 2.25 | 2.33 | 2.30 | 2.21 | 2.21 | 3,003 | 14:45:26 |
Management believes that the conclusions set forth in the Purported Research Report are baseless; and further that the report is malicious and manipulative, intended to serve the interests of the author (and his organization) who disclosed that he accumulated a short position in advance of the publication of the report. The complaints that have been filed are based largely upon the insidious claims set forth in the Purported Research Report, and are baseless. The Company will defend those lawsuits. The Company is also considering the assertion of direct claims against anyone that has caused damage to the Company.
The Audit Committee has acted promptly to address the concerns raised in the Purported Research Report, and to reinstate the market confidence that the Purported Research Report so severely undermined. The Audit Committee has engaged independent counsel, expert in addressing such matters, to advise it, and it has engaged the Company’s auditor to perform special procedures to confirm the reported sales. Those procedures include but are not limited to the examination and testing of relevant documentation relating to the sales made by the Company to the customers identified in the Purported Research Report for the periods 2015-2018. Those procedures will include 100% sampling of all transactions between the Company and the subject customers. Once the special procedures are completed, reviewed, and to the extent necessary supplemented by the Audit Committee with the advice of its independent counsel, the Audit Committee will disclose the results of that work. The Audit Committee expects that this process will take approximately two months.
About Nova LifeStyle Nova LifeStyle, Inc., a NASDAQ Global Market listed company headquartered in California, is a fast growing, innovative designer and distributor of modern LifeStyle furniture; primarily sofas, dining rooms, cabinets, office furniture and related components, bedrooms, and various accessories in matching collections. Nova's products are made in the US, Europe, and Asia that include LifeStyle brands such as Diamond Sofa, Nova QwiK, and Bright Swallow International. Nova's products feature urban contemporary styles that integrate comfort and functionality, incorporating upscale luxury designs appeals to middle and upper middle-income consumers in the USA, China, Europe, and elsewhere in the world. Visit Nova LifeStyle’s website at www.NovaLifeStyle.com.
Contact: Investor Relations Nova LifeStyle, Inc. info@novalifestyle.com
1 Year Nova Lifestyle Chart |
1 Month Nova Lifestyle Chart |
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