STEVENSON, Md., Jan. 18, 2019 (GLOBE NEWSWIRE) — The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced on behalf of purchasers of NVIDIA Corporation (Nasdaq: NVDA) (“NVIDIA” or the “Company”) securities during the period between August 10, 2017 through November 15, 2018, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until February 19, 2019 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in NVIDIA securities during the Class Period. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that revenue growth attributed to NVIDIA’s gaming graphics processing units (“GPUs”) was driven, in significant part, by surging demand among cryptocurrency miners and NVIDIA did not have visibility into its inventory channel and was unable to adapt to changes in the cryptocurrency markets.
According to the complaint, following an August 16, 2018 lowering of its revenue guidance and announcing that it no longer expects a meaningful contribution from cryptocurrency minors for the remainder of the year, a November 15, 2018 lowering of its guidance due to surging inventory of midrange GPUs that built up before the rapid fade of cryptocurrency mining, the value of NVIDIA shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in NVIDIA securities purchased on or after August 10, 2017 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please contact Brower Piven either by email at [email protected] or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven
Brower Piven, A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153