Securities Fraud Class Action Filed Against NVIDIA Corp.
The law firm of Shalov Stone Bonner & Rocco LLP has filed a securities fraud class action on behalf of all investors who purchased or otherwise acquired the common stock of NVIDIA Corp., between November 8, 2007, and July 2, 2008, inclusive. The lawsuit is pending in the United States District Court for the Northern District of California and names as defendants NVIDIA and the Company’s CEO and CFO during the Class Period. That doesn’t sound like good news for NVIDIA!
Specifically, the complaint alleges that, during the Class Period, the defendants issued a series of misrepresentations and omissions that actively concealed and failed to disclose the unusually high failure rates of NVIDIA’s mobile video adapters and the impact of these defects on the Company’s financial condition and results and future business prospects. When the defendants belatedly revealed this information on July 2, 2008, NVIDIA’s stock plummeted, and the Company’s market capitalization was promptly reduced by over $3 billion.
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