BALA CYNWYD, Pa., May 20, 2004 (PRIMEZONE) -- Law offices of Brodsky & Smith, LLC reminds shareholders that they have until June 14, 2004 in which to move for lead plaintiff in the securities class action lawsuit filed on behalf of shareholders who purchased the common stock and other securities of Novastar Financial Inc. ("Novastar" or the "Company") (NYSE:NFI), between October 29, 2003 and April 9, 2004, inclusive (the "Class Period"). The class action lawsuit was filed in the United States District Court for the Western District of Missouri.
The Complaint alleges that defendants violated federal securities laws by issuing a series of material misrepresentations to the market during the Class Period, thereby artificially inflating the price of Novastar securities.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Novastar stock between October 29, 2003 and April 9, 2004 you have certain rights. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you want to discuss your legal rights, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Marc L. Ackerman, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at clients@brodsky-smith.com, or by calling toll free 877-LEGAL-90.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca