according toaccording to, Schall Law Firm of the United States announced the filing of a securities class action lawsuit against Nvidia Corporation for violating §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 issued by the US Securities and Exchange Commission to encourage losses exceeding 100 million dollar investors to contact them.
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Image credit: SchallThe lawsuit says
, Nvidia made false and misleading statements in the market. Nvidia announced that it will pay close attention to the encryption market and quickly make corresponding adjustments according to market fluctuations.The defendant (Nvidia) also asserts that the company and its executives are well versed in channel management. Moreover, Nvidia assured investors that the decline in GPU demand from crypto miners will not negatively affect the company because of the strong demand for GPUs from Nvidias core customer group of computer gamers. The lawsuit alleges that Nvidias false statements are misleading,
As a result, Nvidias stock price was artificially inflated during the Class Period (Class Period).
As previously reported by the author, Nvidia issecond quartersecond quarter
, The revenue from cryptocurrency mining has fallen by a large proportion, and it was only US$18 million in the second quarter. That’s a far cry from previous pre-earnings, when the company’s chief financial officer, Colette Kress, said last quarter that revenue from the cryptocurrency business would hit $100 million in the second quarter. Three months ago, Nvidia said it had $289 million in sales from the business.
Looking at its game business in the second quarter, Nvidias game sales in the second quarter increased by 52% to $1.8 billion.Nvidias third-quarter financial report showed that Odaily had previouslyreported
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according tomedia reportsmedia reports
Main reference articles:
Nvidias 9-Month Digital Currency Gold Rush Is Ending
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