Saxena White P.A. Announces a $1.35 Million Proposed Class Action Settlement Involving All Persons Who Purchased or Otherwise Acquired NIVS IntelliMedia Technology Group, Inc. Common Stock between March 24, 2010 and March 25, 2011

NEW YORK--()--The following statement is being issued by Saxena White P.A. in regards to the announcement of a proposed class action settlement.

   

UNITED STATES DISTRICT COURT

SOUTHERN DISTRICT OF NEW YORK

 
 

LAWRENCE A. SCHULER, Individually and

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Civil Action No. 1:11-cv-02484-KMW

On Behalf of All Others Similarly Situated,

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Plaintiff, )

CLASS ACTION

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vs. )

SUMMARY NOTICE

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NIVS INTELLIMEDIA TECHNOLOGY GROUP,

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EXHIBIT A-3

INC., TIANFU LI, SIMON ZHANG,

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ALEXANDER CHEN, KWOK FU WONG,

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RUXIANG NIU, MINGHUI ZHANG,

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GENGQIANG YANG, CHARLES MO, RODMAN )

& RENSHAW LLC, WESTPARK CAPITAL,

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INC., and MALONEBAILEY, LLP,

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Defendants. )
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TO: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED NIVS INTELLIMEDIA TECHNOLOGY GROUP, INC. (“NIVS”) COMMON STOCK DURING THE PERIOD BETWEEN MARCH 24, 2010 AND MARCH 25, 2011, INCLUSIVE

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Southern District of New York, that a hearing will be held on March 19, 2015, at 11:00 a.m., in Courtroom 18B before the Honorable Kimba M. Wood at the Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, NY 10007-1312, to determine whether: (1) a proposed settlement (the “Settlement”) of claims in the above-captioned lawsuit (the “Litigation”) in exchange for a payment of $1,350,000, as set forth in the April 22, 2014 Stipulation of Settlement (“Stipulation”), should be approved by the Court as fair, reasonable and adequate; (2) the Litigation should be dismissed with prejudice as set forth in the Stipulation; (3) the plan for distributing the proceeds of the Settlement (the “Plan of Allocation”) is fair, reasonable and adequate; and (4) the applications for fees and expenses should be approved.

If you purchased or otherwise acquired NIVS common stock during the period between March 24, 2010 and March 25, 2011, inclusive, your rights may be affected by the Settlement. You may obtain copies of the Stipulation, the Notice of Proposed Settlement of Class Action (the “Notice”), and the Proof of Claim and Release by writing to Schuler v. NIVS IntelliMedia Technology Group, Inc., et al. Securities Litigation Claims Administrator, c/o Epiq Systems, Inc., P.O. Box 3518, Portland, Oregon 97208, or downloading them at www.nivssecuritieslitigation.com. You must submit a valid Proof of Claim and Release postmarked no later than April 8, 2015 to be eligible for any payment from the Settlement proceeds.

You may request to be excluded from the class by following the instructions in the Notice. Any class member who does not timely and validly request exclusion by February 17, 2015 will be bound by any judgment entered in the Litigation pursuant to the Stipulation.

You may object to the Settlement, the Plan of Allocation, or the applications for fees and expenses by sending (a) a written statement identifying your name, address, and telephone number, and, if represented by counsel, your counsel’s name and contact information; (b) proof of ownership of NIVS securities during the Settlement Class Period, including the number of NIVS common stock and the date or dates of purchase; (c) a statement explaining your objection and your reasons for such objection; and (d) any supporting documentation. You must send these materials by first class mail to the following addresses by March 5, 2015:

 

The Court

Clerk of the Court
UNITED STATES DISTRICT COURT, SOUTHERN DISTRICT OF NEW YORK
Daniel Patrick Moynihan U.S. Courthouse
500 Pearl Street
New York, New York 10007
 

Plaintiffs’ Lead Counsel

Lester R. Hooker
SAXENA WHITE P.A.
5200 Town Center Circle, Suite 601
Boca Raton, FL 33431
 

Counsel for Defendants

Julie E. Kamps
JULIE E. KAMPS, ESQ.
1900 Ave. of the Stars, Suite 310
Los Angeles, California 90067

Attorney for Defendant WESTPARK CAPITAL, INC.

 
Peter J. Larkin
William J. Kelly
WILSON ELSER MOSKOWITZ
EDELMAN & DICKER LLP
1133 Westchester Avenue
White Plains, New York 10604

Counsel for Defendant MALONEBAILEY, LLP.

 

If you have any questions about the Settlement, you may call (877) 819-8980 or contact Plaintiffs’ Lead Counsel at the address listed above. PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.

DATED: November 13, 2014     BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

Contacts

Saxena White P.A.
Lester R. Hooker, 561-206-6708
lhooker@saxenawhite.com