Glancy Prongay & Murray LLP Announces the Filing of a Securities Class Action on Behalf of NVIDIA Corporation Investors (NVDA)
LOS ANGELES--(BUSINESS WIRE)--Dec 28, 2018--Glancy Prongay & Murray LLP (“GPM”), a global investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors that purchased NVIDIA Corporation (“NVIDIA” or the “Company”) (NASDAQ: NVDA ) securities between August 10, 2017 and November 15, 2018, inclusive (the “Class Period”). NVIDIA investors have until February 19, 2019 to file a lead plaintiff motion.
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On November 15, 2018, NVIDIA significantly cut its revenue guidance for the fiscal fourth quarter, revealing that revenue would decline by over 7% in the quarter—a significant departure from the 17% growth investors had been led to expect. NVIDIA attributed its poor financial results to surging inventory of midrange GPUs that built up in the channel before the rapid fade of cryptocurrency mining. On this news, shares of NVIDIA declined by 29% over the ensuing two trading sessions, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made false and/or misleading statements, and failed to disclose that: (1) revenue growth attributed to NVIDIA’s gaming GPUs was driven, in significant part, by surging demand among cryptocurrency miners; (2) NVIDIA did not have visibility into its inventory channel and was unable to adapt to changes in the cryptocurrency markets; and (3) as cryptocurrency prices began to plummet, NVIDIA masked slowing growth by continuing to push mid-range GPUs into the channel, which caused inventory levels to skyrocket and ultimately left NVIDIA with over three months of excess inventory in its channel.
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If you purchased shares of NVIDIA during the Class Period you may move the Court no later than February 19, 2019 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20181228005005/en/
CONTACT: Glancy Prongay and Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Glancy Prongay & Murray LLP
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PUB: 12/28/2018 10:30 AM/DISC: 12/28/2018 10:30 AM