Defendant Name: NIVS IntelliMedia Technology Group, Inc.

Defendant Type: Public Company
SIC Code: 3651
CUSIP: 62914U10

Initial Case Details

Legal Case Name SEC v. China Intelligent Lighting and Electronics, Inc. et al.
First Document Date 22-Jul-2013
Initial Filing Format Civil Proceeding
Case Number 13-cv-05079
Allegation Type Issuer Reporting and Disclosure
Federal District Court New York, Southern District of New York

Violations Alleged

Exchange Act
• Sec 10(b) + Rule 10b-5
• Rule 12b-20
• Sec 13(a)
• Rule 13a-1
• Rule 13a-13
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)
Securities Act
• Sec 17(a) (Not specified)
Additionally, Tianfu Li is alleged to have aided and abetted NIVS IntelliMedia Technology Group, Inc.'s violation of Rule 12b-20 of the Exchange Act (willfully/knowingly).
Tianfu Li is alleged to have aided and abetted NIVS IntelliMedia Technology Group, Inc.'s violation of Sec 13(a) of the Exchange Act (willfully/knowingly).
Tianfu Li is alleged to have aided and abetted NIVS IntelliMedia Technology Group, Inc.'s violation of Rule 13a-1 of the Exchange Act (willfully/knowingly).
Tianfu Li is alleged to have aided and abetted NIVS IntelliMedia Technology Group, Inc.'s violation of Rule 13a-13 of the Exchange Act (willfully/knowingly).
Tianfu Li is alleged to have aided and abetted NIVS IntelliMedia Technology Group, Inc.'s violation of Sec 13(b)(2)(A) of the Exchange Act (willfully/knowingly).
Tianfu Li is alleged to have aided and abetted NIVS IntelliMedia Technology Group, Inc.'s violation of Sec 13(b)(2)(B) of the Exchange Act (willfully/knowingly).

Resolutions

First Resolution Date 10-Mar-2014
Headline Total Penalty and Disgorgement $76,477,649

Related Documents:

comp22755 22-Jul-2013 Complaint
Complaint
On July 22, 2013, the SEC filed a complaint alleging that NIVS Intellimedia Technology Group ("NIV"), among others, engaged in fraudulent schemes to raise and then divert offering proceeds. The SEC alleged "defendants fraudulently raised over $29 million from unsuspecting investors in the spring of 2010. CIL and Xuemei Li raised $7.6 million in a public offering in June 2010, and NIV and Tianfu Li raised $21.5 million in a public offering in April 2010. In raising the money, the defendants made false representations about how the offering proceeds were to be used." NIV "falsified their books and records to justify false cash balances and receivables."
LR-22755 22-Jul-2013 Litigation Release
SEC Files Fraud Charges Against China Intelligent Lighting and Electronics, Inc.; NIVS Intellimedia Technology Group, Inc.; and Their Sibling CEOs
On July 22, 2013, the SEC issued a litigation release announcing that it "filed fraud and other related charges against China Intelligent Lighting and Electronics, Inc. (CIL); NIVS IntelliMedia Technology Group, Inc. (NIV); and their respective CEOs, Xuemei Li and, her brother, Tianfu Li. CIL reports that it is a lighting company, and NIV reports that it is a consumer electronic company. Both are located in China. The Commission alleges that CIL, NIV, and their CEOs engaged in fraudulent schemes to raise and divert offering proceeds, and then attempted to hide the diversions by lying to auditors and making false and materially misleading filings with the Commission."
court-doc37_13-cv-05079 10-Mar-2014 Court Docket Document
Default Judgment as to Defendant NIVS Intellimedia Technology Group, Inc.
On March 10, 2014, Judge Jesse M. Furman entered Default Judgment against NIVS Intellimedia Technology Group, Inc.

Other Defendants in Action:

China Intelligent Lighting and Electronics, Inc.
Xuemei Li
Tianfu Li