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Brower Piven Commences Class Action Lawsuit Against NovaStar Financial, Inc.


The law firm of Brower Piven, A Professional Corporation, today announced that a securities class action was commenced on behalf of shareholders who purchased or otherwise acquired the common stock of NovaStar Financial, Inc. (NYSE: NFI) between May 4, 2006 and February 20, 2007, inclusive (the “Class Period”).

The case is pending in the United States District Court for the Western District of Missouri against defendant NovaStar and one or more of its officers and/or directors. The action charges that defendants violated federal securities laws by issuing a series of materially false and misleading statements to the market throughout the Class Period, which statements had the effect of artificially inflating the market price of the Company’s securities.

No class has yet been certified in the above action. If you are a member of the proposed class, you may retain counsel of your choice, and you may move the court no later than April 24, 2007 to serve as a lead plaintiff for the proposed class. In order to serve as a lead plaintiff, you must meet certain legal requirements. To be a member of the proposed class you need not take any action at this time.


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