You have to pay eternal attention to developments that could become a 10X factor in your business - Andy Grove - Only the Paranoid Survive
AN NVIDIA SHAREHOLDER, Lisa Miller has launched a class action lawsuit against the graphics card company.
The suit, filed in the Northern District Of California, San Jose branch by Shalov, Stone, Bonner and Rocco, LLP alleges violation of federal securities laws.
The suit is nothing shocking if you have been following the Nvidia bad chips fiasco.
See the links at the bottom of the page for more on it than you likely care to read.
The short story is this, it alleges that the defendants, Nvidia Corp, Jen-Hsun Huang and Marvin Burkett knew about the problem as early as last year, and filed SEC reports that made no mention of it and the problems it allegedly caused and are still causing for PC manufacturers and consumers.
These 'overlooked' items and some others ended up in a surprise charge of almost half a billion dollars, tanking the stock.
Meanwhile, the suit alleges, Nvidia officers were making bullish statements about the company. This led investors astray, and cost them a lot of money when the stock went over a cliff, the lawsuit claims.
The suit, a class action, is on behalf of people who bought or owned Nvidia stock during the relevant time periods.
Suits like this are long, ugly and full of revealing discovery. We can't wait to read it all. µ
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