【d'addario 11-49 wound 3rd】Lawsuit Targets Nvidia for ‘False Statements’ on Crypto Mining Revenue
A class action lawsuit has been filed against tech giant Nvidia,d'addario 11-49 wound 3rd with the plaintiffs accusing the company of making misleading statements about how it can help mitigate the effects of the reduced demand from the cryptocurrency market.
The suit was filed by the Schall Law Firm, who specializes in shareholder rights litigation and securities-related class action lawsuits. Last year, the
cryptocurrency market
was in a prolonged, with the prices of mining rigs and PC
Graphics Processing Units
(GPUs) reaching astronomical levels.
Mining rigs were in high demand and were sold at high prices, with everyone, from random purchasers of rigs to large companies snapping them up. This led to shortages of rigs, leaving manufacturers like AMD and Nvidia with no option but to increase their production to help meet up with the increased demand.
However, when the crypto market came crashing down, demand for mining rigs plummeted and prices for the hardware sank. The reduction in demand left manufacturers like Nvidia with large inventories collecting dust. To unload the rigs manufacturers began to flood the market dropping prices even lower in a bid to recoup their investment.
With its oversupply, Nvidia saw rounds of losses in the stock market, and by December 21, the company was the worst performer on the
S&P 500
, after it experienced a
massive sell-off
of its shares that dropped its
stock price
by 54 percent. According to the lawsuit, which was filed on December 24, Nvidia claimed to be “masters at managing their production channel,” while also stating that they will be able to ensure proper monitoring of activities in the crypto market.
Nvidia was also accused of assuring investors that they will absorb the effects of a reduced demand for mining rigs by crypto miners with the strong demand in the game industry.
The claim further reads:
“Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about NVIDIA, investors suffered damages.”
According to the release, the case has not yet been certified, and potential plaintiffs won’t be given any representation until this certification is secured. For now, the Schall Law Firm is encouraging investors who bought shares from Nvidia between August 10, 2017, and November 15, 2018, to get in touch with them before January 19, 2019.
Images from Shutterstock.
The post
Lawsuit Targets Nvidia for ‘False Statements’ on Crypto Mining Revenue
appeared first on
CCN
.
View comments
-
American Airlines slashes flights but has no plans to halt U.S. serviceMERGER INVESTIGATION ALERT: Halper Sadeh LLP Encourages CKH, PS, WDR, and EIDX Shareholders to Contact the FirmROSEN, INVESTOR COUNSEL, Reminds Beyond Meat, Inc. Investors of Important Deadline in Securities Class Action; Encourages Investors with Losses In Excess of $500K to Contact Firm - BYNDAnalyzing Brooks Automation's Ex-Dividend DateLOPE SHAREHOLDER ALERT: Lawsuit Filed For Grand Canyon InvestorsClarivate Analytics Plc (CCC) Q1 Earnings and Revenues Miss EstimatesEquitrans Midstream Corporation (ETRN) Stock Moves -1.99%: What You Should KnowDeutsche (DB) Ratings Affirmed by Moody's, Outlook UpgradedPennsylvania's Democratic governor calls Trump remarks 'partisan attack'Here's How Long It Took Apple To Reach A $100B Market Cap
下一篇:German Court Issues a Dangerous Verdict for the ECB
- ·Inspire Medical Systems, Inc. to Host Earnings Call
- ·What Kind Of Shareholders Own Mitek Systems, Inc. (NASDAQ:MITK)?
- ·GREATERGOOD.ORG ANNOUNCES “THANK YOUR TEACHER” CHALLENGE ON THE NEW GIRLS’ VOICES AT HOME PLATFORM
- ·HealthEquity (HQY) Lags Q1 Earnings and Revenue Estimates
- ·Spread of virus drives Corporate America into cyberspace for annual meetings
- ·Were Hedge Funds Right About Mostly Avoiding Marsh & McLennan Companies, Inc. (MMC)?
- ·Americans See Record Fall in Consumer Spending, Savings Soar
- ·German Court Issues a Dangerous Verdict for the ECB
- ·Looking for a Growth Stock? 3 Reasons Why Lumentum (LITE) is a Solid Choice
- ·Growth Stocks To See 'Nirvana' With Blue White House, Divided Congress, Cramer Says
- ·Akoustis Reports Third Quarter FY20 Results
- ·The Best Places in Every State To Live on a Fixed Income
- ·Is AquaBounty Technologies (NASDAQ:AQB) Using Too Much Debt?
- ·Euro Sun Mining Announces the Filing of a Business Acquisition Report in Connection with its Acquisition of Vilhelmina Minerals Inc.
- ·Tembo Gold Adds 70 km2 Adjoining Bulyanhulu and Provides Prospecting Licence Update
- ·Notification of Major Holdings
- ·SHAREHOLDER ACTION NOTICE: The Schall Law Firm Announces the Filing of a Class Action Lawsuit Against Align Technology, Inc. and Encourages Investors with Losses in Excess of $100,000 to Contact the Firm
- ·Cargotec completes the ownership change of joint venture in China
- ·Sientra to Present at the William Blair 40th Annual Growth Stock Conference
- ·Ethereum decentralized exchange monthly volumes hit all-time-high
- ·eXp World Holdings Appoints Fee Gentry to Board of Directors
- ·Why Prosperity Bancshares (PB) is a Top Dividend Stock for Your Portfolio
- ·IRS offers new relief options to help with tax bills during coronavirus pandemic
- ·Goodfood’s Strong Growth Continues as Its Active Subscribers Count Increases 33% to Reach 306,000
- ·How to Time the Markets Like an Investing Pro - April 01, 2020
- ·GBP/JPY Price Forecast – Pound Continues to Grind Away at Resistance
- ·10x Genomics to Present at the BofA Securities 2020 Healthcare Conference
- ·Eversource (ES) Q3 Earnings Lag, Revenues Beat Estimates
- ·DCP Midstream to Participate in Investor Conferences
- ·Egypt tries to protect tourism after coronavirus outbreak on cruise ship
- ·Trump, Macron weigh UN leaders' meeting on coronavirus -White House
- ·Pennsylvania's Democratic governor calls Trump remarks 'partisan attack'
- ·Gofore Plc: Gofore Plc - Managers' transactions - Virtanen
- ·Why Is Maximus (MMS) Down 12.8% Since Last Earnings Report?
- ·Brexit trade talks in 'difficult phase', British minister says
- ·FOREX-Dollar on back foot as recovery optimism persists