NEW YORK, April 19, 2004 (PRIMEZONE) -- The following statement was issued today by Squitieri & Fearon, LLP.:
You are hereby notified that a Class Action has been filed in the United States District Court for the Western District of Missouri on behalf of purchasers of NovaStar Financial Inc. (NYSE:NFI) ("NovaStar" or the "Company") common stock during the period November 3, 2003 through April 12, 2004 (the "Class Period").
The Complaint charges NovaStar and certain of its officers and directors with violating the federal securities laws by misrepresenting and omitting facts about the Company, its operations and its business practices.
Plaintiff seeks to recover damages on behalf of herself and all purchasers of NovaStar's common stock during the Class Period. Excluded from the Class are the defendants and members of their immediate families, any entity in which a defendant has a controlling interest and the heirs of any such excluded party.
Plaintiff is represented by the law firm of Squitieri & Fearon, LLP which has significant experience and expertise prosecuting class actions on behalf of investors and shareholders.
If you are a member of the class described above, you may, not later than June 14, 2004, move the court to serve as lead plaintiff of the Class, if you so choose.
If you wish to discuss this action or have any questions concerning this notice or your rights or interest, please contact plaintiff's counsel, Stephen J. Fearon, Jr. of Squitieri & Fearon, LLP at (212) 575-2092, Stephen@sfclasslaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca