NVIDIA Corporation (NASDAQ: NVDA) Investor Securities Class Action Lawsuit 12/21/2018

If you purchased a significant amount of shares of NVIDIA Corporation (NASDAQ: NVDA) between August 10, 2017 and November 15, 2018, and / or if you purchased any NASDAQ: NVDA shares prior to August 2017 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: February 19, 2019. NASDAQ: NVDA investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
NVIDIA
Case Name: 
NVIDIA Shareholder Class Action Lawsuit 12/21/2018
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: NVDA
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
12/21/2018
Class Period Begin: 
08/10/2017
Class Period End: 
11/15/2018
Court of Filing: 
U.S. District Court for the Northern District of California
Deadline To File for Lead: 
02/19/2019
Summary: 

An investor in shares of NVIDIA Corporation (NASDAQ: NVDA) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by NVIDIA Corporation in connection with certain allegedly false and misleading statements made between August 10, 2017 and November 15, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of NVIDIA Corporation (NASDAQ: NVDA) common shares between August 10, 2017 and November 15, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between August 10, 2017 and November 15, 2018, the Defendants assured investors that the Company followed the market closely and could adjust to rapid changes in the cryptocurrency markets, that even as analysts increasingly began to question the Company's ability to manage inventory in the face of an uncertain cryptocurrency market, Defendants touted that NVIDIA and its executives are "masters at managing our channel, and we understand the channel very well", that NVIDIA also repeatedly assured investors that surging demand for GPUs among cryptocurrency miners would not have a negative impact on the Company because of strong demand for GPUs by NVIDIA's core customer base of computer gamers, and that as a result of these misrepresentations, NVIDIA shares traded at artificially inflated prices between August 10, 2017 and November 15, 2018.

Santa Clara, CA based NVIDIA Corporation operates as a visual computing company worldwide. NVIDIA Corporation reported that its Total Revenue rose from $6.91 billion for the 12 months period that ended on January 29, 2017 to over $9.71 billion for the 12 months period that ended on January 28, 2018 and that its Net Income over those respective time periods increased from over $1.66 billion to over $3.04 billion.

ON August 16, 2018, NVIDIA Corporation reported its financial results for its second quarter 2018. Among other things, NVIDIA Corporation revised its outlook for the third quarter of 2018.

Shares of NVIDIA Corporation (NASDAQ: NVDA) reached in October 2018 as high as $292.06 per share.

On November 15, 2018, NVIDIA Corporation disclosed that its revenue would decline by over 7% for the fourth fiscal quarter, sharply cutting its revenue guidance. NVIDIA blamed the poor financial results on lower demand from cryptocurrency-related purchasers, which resulted in an oversupplied inventory of midrange GPUs. This inventory of GPUs had stored up in the channel before cryptocurrency-related demand for NVIDIA’s GPUs rapidly declined.

Shares of NVIDIA Corporation (NASDAQ: NVDA) declined to as low as $133.31 per share on November 20, 2018, respectively $124.46 per share on December 26, 2018.