Class Action Suit Filed Against NovaStar
BENSALEM, Pa. - Shareholders who purchased the common stock of NovaStar Financial, Inc. (“NovaStar” or the "Company’’) (NYSE:NFI) between May 4, 2006 and February 20, 2007 have filed a class action suit against the company. 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 material misrepresentations to the market concerning the Company’s business and financial performance, thereby artificially inflating the price of NovaStar securities.
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