NVDA INVESTORS ALERT: Lieff Cabraser Announces Securities Class Action Against NVIDIA Corporation
29 1월 2019 - 11:00PM
Business Wire
The law firm of Lieff Cabraser Heimann & Bernstein, LLP
announces that class action litigation has been filed on behalf of
investors who purchased or otherwise acquired the securities of
NVIDIA Corporation (“NVIDIA” or the “Company”) (NASDAQ: NVDA)
between August 10, 2017 and November 15, 2018, inclusive (the
“Class Period”).
If you purchased or otherwise acquired NVIDIA securities during
the Class Period, you may move the Court for appointment as lead
plaintiff by no later than February 19, 2019. A lead plaintiff is a
representative party who acts on behalf of other class members in
directing the litigation. Your share of any recovery in the actions
will not be affected by your decision of whether to seek
appointment as lead plaintiff. You may retain Lieff Cabraser, or
other attorneys, as your counsel in the actions.
NVIDIA investors who wish to learn more about the litigation and
how to seek appointment as lead plaintiff should click here or
contact Sharon M. Lee of Lieff Cabraser toll-free at
1-800-541-7358.
Background on the NVIDIA Securities Class Litigation
NVIDIA, incorporated in Delaware and headquartered in Santa
Clara, California, primarily designs graphics processing units
(“GPUs”) for use in computers and video gaming systems. In recent
years, NVIDIA’s GPUs have also been used by cryptocurrency
“miners,” since certain cryptocurrencies can be acquired by running
fast calculations on a GPU. In general terms, cryptocurrency mining
is the complex process in which GPUs or other computer chips solve
a complicated math puzzle to earn virtual currency.
The actions allege that, throughout the Class Period, NVIDIA and
certain of its senior executives made materially false and
misleading statements regarding the Company’s business and its
ability to react to fluctuations in demand for GPUs. Specifically,
defendants falsely assured investors of their ability to see into
their inventory channel and react to the volatility of
cryptocurrency markets. Furthermore, after cryptocurrency miners’
demand for GPUs fell, NVIDIA continued to push GPU stock into the
channel, causing a foreseeable oversupply of inventory. NVIDIA also
reassured investors about its ability to manage inventory and adapt
to the volatility of the cryptocurrency market. These statements
concealed the magnitude of the inventory problem and the impact
declining cryptocurrency-based demand would have on the Company’s
growth.
The truth was partially revealed on August 16, 2018, as NVIDIA
lowered its revenue guidance for the third quarter of 2018 and
reported that it no longer expected a meaningful contribution from
cryptocurrency miners. The Company also reported a 30% increase in
existing GPU inventory compared to the prior quarter. In response,
NVIDIA’s common stock price fell by $12.62, or 4.9%, to close at
$244.82 on August 17, 2018.
On November 15, 2018, it was further revealed that when NVIDIA
cut its revenue guidance for the fiscal fourth quarter from 17%
growth to 7% decline. The Company attributed the results to
increased inventory of GPUs that had built up before the decline in
cryptocurrency-related demand. On this news, NVIDIA’s stock price
declined by $57.69, or 28.5% over the next two trading days to
close at $144.70 on November 19, 2018, eliminating more than $35
billion in shareholder value.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San
Francisco, New York, Nashville, and Seattle, is a nationally
recognized law firm committed to advancing the rights of investors
and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of
the nation’s top plaintiffs’ law firms for fourteen years. In
compiling the list, the National Law Journal examines recent
verdicts and settlements and looked for firms “representing the
best qualities of the plaintiffs’ bar and that demonstrated unusual
dedication and creativity.” Law360 has selected Lieff Cabraser as
one of the Top 50 law firms nationwide for litigation, highlighting
our firm’s “laser focus” and noting that our firm routinely finds
itself “facing off against some of the largest and strongest
defense law firms in the world.” In late 2016, Benchmark Litigation
named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in
America.”
For more information about Lieff Cabraser and the firm’s
representation of investors, please visit
http://www.lieffcabraser.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190129005346/en/
Source/Contact for Media Inquiries OnlySharon M. LeeLieff
Cabraser Heimann & Bernstein, LLPTelephone: 1-800-541-7358
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