Globe Newswire 11-Jan-2019 12:00 PM
NEW YORK, Jan. 11, 2019 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against NVIDIA Corporation ("NVIDIA" or the "Company") (NASDAQ:NVDA) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired NVIDIA shares between August 10, 2017 and November 15, 2018, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: bgandg.com/nvda.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose adverse information. Specifically, the Company assured shareholders that it followed the market closely and could adjust to the rapid cryptocurrency market changes. Defendants hyped that NVIDIA and its executives are "masters at managing our channel, and we understand the channel very well." NVIDIA also told investors that the growing demand for GPUs among cryptocurrency miners would not negatively impact the Company because of strong demand for GPUs by NVIDIA's core customer base of computer gamers. Consequently, the complaint alleges that NVIDIA shares traded at artificially inflated prices throughout the Class Period.
On August 16, 2018, NVIDIA reduced its 2018 3rd quarter revenue guidance and announced that it no longer expects a significant impact from cryptocurrency miners for the rest of the year. The Company also said that its GPU inventory inflated over 30% from the previous quarter, which shareholders worried was due to a decelerating need for NVIDIA's GPUs. Then, on November 15, 2018, NVIDIA again reduced its revenue guidance for the 4th quarter. Following this news, NVIDIA stock dropped sharply.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: bgandg.com/nvda or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in NVIDIA you have until February 19, 2019 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | firstname.lastname@example.org
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