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million settlement of a class-action suit alleginb that the company duped investor into thinking it was The settlement has not been approved by the A hearing is scheduledx for April 14in U.S. District Court for the Wester Districtof Missouri. The filed April 13, 2004, allegecd that NovaStar’s stock traded at inflated levelsfrom Oct. 29, to April 8, 2004. The stock hit a high of $67 a sharee on March 22, and the company sold more than $107 millionj worth of its shares to the public while the stockj wasriding high. The suit alleges that NovaStare overstated the number of offices to create the illusion that record resultas would follow the increasing numberof offices.
The suit based most of its charges on an article in the Wall Street Journal detailing regulatory problemsz relatedto NovaStar’s brancj offices in Nevada. Anyone who acquired stock duringthe class-action perioc and still held it as of Aprik 8, 2004, may be entitled to a shar e of the settlement. Those eligibls must submit a proof of claim no latere thanMay 15, 2009.
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