NVIDIA Corporation (NASDAQ: NVDA)
Hagens Berman Sobol Shapiro LLP alerts investors in NVIDIA Corporation (NASDAQ: NVDA) to the February 19, 2019 Lead Plaintiff deadline in the securities class action pending in the U.S. District Court for the Northern District of California.
If you purchased or otherwise acquired shares of NVDA between August 10, 2017 and November 15, 2018 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information, contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing NVDA@hbsslaw.com.
According to the complaint, Defendants misled investors by repeatedly assuring them that NVIDIA and senior management closely followed the cryptocurrency mining channel and could adjust the Company’s graphic processing unit (“GPU”) inventory to rapid changes in that channel.
Then, on November 15, 2018, Defendants slashed revenue guidance for NVIDIA’s fourth quarter and blamed surging GPU inventory built up before the rapid fade of cryptocurrency mining.
In response, the price of NVIDIA shares fell about 28%, during two trading sessions to close at $144.70 on November 19, 2018.
In the wake of these events, certain analysts have downgraded NVIDIA stock and at least one large institution reportedly dumped its NVIDIA stake.
“We’re focused on investors’ losses, the extent to which management’s statements about GPU inventory and the Company’s apparent dependence on the crypto mining channel may have been misleading, and whether certain insider selling before the November 15 disclosures was improper,” said Hagens Berman partner Reed Kathrein.
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