LOS ANGELES, C.A., July 24, 2023 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that the United States District Court for the Central District of California has approved the following announcement of a proposed securities class action settlement that would benefit purchasers of Nova LifeStyle, Inc., Common Stock ( NVFY):
SUMMARY NOTICE OF PENDENCY AND PROPOSED CLASS ACTION SETTLEMENT
TO: ALL PERSONS WHO PURCHASED PUBLICLY TRADED NOVA LIFESTYLE INC. (“NOVA”) COMMON STOCK FROM DECEMBER 3, 2015 THROUGH DECEMBER 20, 2018, BOTH DATES INCLUSIVE.
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Central District of California, that a hearing will be held on November 6, 2023, at 10:00 a.m. before the Honorable Terry J. Hatter Jr., United States District Judge of the United States District Court for the Central District of California, First Street Federal Courthouse, 350 W. First Street, Courtroom 9B, 9th Floor, Los Angeles, California 90012, or by telephonic or videoconference means as directed by the Court for the purpose of determining: (1) whether the proposed Settlement of the claims in the above-captioned Action for consideration including the sum of $750,000 should be approved by the Court as fair, reasonable, and adequate; (2) whether the proposed plan to distribute the Settlement proceeds is fair, reasonable, and adequate; (3) whether the application of Lead Counsel for an award of attorneys’ fees of up to 25% of the Settlement Amount ($187,500) plus a proportionate share of interest accrued on the Settlement Amount, Lead Counsel’s reimbursement of litigation expenses incurred of not more than $70,000, Administration Costs of not more than $95,000, and Award to Lead Plaintiffs of not more than $3,500 each, or $7,000 total, should be approved; and (4) whether the Action should be dismissed with prejudice as set forth in the Renewed Stipulation of Settlement dated March 24, 2023 (the “Stipulation”).
If you purchased publicly traded Nova common stock during the period from December 3, 2015 through December 20, 2018, both dates inclusive (the “Settlement Class Period”), your rights may be affected by this Settlement, including the release and extinguishment of claims you may possess relating to your ownership interest in Nova common stock. You may obtain copies of the detailed Notice of Pendency and Proposed Settlement of Securities Class Action (“Notice”) and the Proof of Claim and Release Form by writing to or calling the Claims Administrator: Nova LifeStyle Inc. Securities Litigation, c/o Strategic Claims Services, 600 N. Jackson St., Ste. 205, P.O. Box 230, Media, PA 19063; (Tel) (866) 274-4004; (Fax) (610) 565-7985; [email protected]. You can also download copies of the Notice and submit your Proof of Claim and Release Form online at www.strategicclaims.net/Nova. If you are a member of the Settlement Class, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release Form electronically or postmarked no later than October 7, 2023 to the Claims Administrator, establishing that you are entitled to recovery. Unless you submit a written exclusion request, you will be bound by any judgment rendered in the Action, whether or not you make a claim.
If you are a Settlement Class Member and desire to be excluded from the Settlement Class, you must submit to the Claims Administrator a request for exclusion so that it is received no later than October 16, 2023, in the manner and form explained in the detailed Notice. All members of the Settlement Class who have not requested exclusion from the Settlement Class will be bound by any judgment entered in the Action pursuant to the Stipulation.
Any objection by a Settlement Class Member to the Settlement, Plan of Allocation, Lead Counsel’s requests for an award to Lead Counsel of attorneys’ fees and reimbursement of expenses and Award to Plaintiffs must be in the manner and form explained in the detailed Notice and received no later than October 16, 2023, by each of the following:
| Clerk of the Court United States District Court Central District of California First Street Courthouse 350 West First Street Suite 4311 Los Angeles, CA 90012 | LEAD COUNSEL Phillip Kim THE ROSEN LAW FIRM, P.A. 275 Madison Avenue 40th Floor New York, NY 10016 | COUNSEL FOR DEFENDANTS Robert W. Hayes COZEN O’CONNOR 1650 Market Street Suite 2800 Philadelphia, PA 19103 |
If you have any questions about the Settlement, you may call or write to Lead Counsel:
THE ROSEN LAW FIRM, P.A.
Phillip Kim
275 Madison Avenue, 40th Floor
New York, NY 10016
Telephone: (212) 686-1060
Email: [email protected]
PLEASE DO NOT CONTACT THE COURT OF THE CLERK’S OFFICE REGARDING THIS NOTICE.
| Dated: July 10, 2023 | _______________________________ |
| BY ORDER OF THE UNITED STATES | |
| DISTRICT COURT FOR THE | |
| CENTRAL DISTRICT OF CALIFORNIA |
