Scott+Scott Attorneys at Law LLP Investigating NVIDIA Corporation's Directors and Officers for Breach of Fiduciary Duties - NVDA
PRNewswire 31-Jan-2019 6:25 PM
NEW YORK, Jan. 31, 2019 /PRNewswire/ -- Scott+Scott Attorneys at Law LLP ("Scott+Scott"), a national securities and consumer rights litigation firm, is investigating whether certain directors and officers of NVIDIA Corporation ("NVIDIA" or the "Company") (NASDAQ:NVDA) breached their fiduciary duties to the Company and its shareholders. If you are an NVIDIA shareholder, you are encouraged to contact Scott+Scott for additional information.
Scott+Scott is investigating whether members of NVIDIA's board of directors made false and/or misleading statements and/or failed to disclose that: (i) NVIDIA's growth in its gaming GPU revenue was driven, as repeatedly denied by Defendants, in significant part by the spiked demand for those GPUs among cryptocurrency miners; (ii) NVIDIA did not have, as Defendants asserted, visibility into its inventory channel; (iii) NVIDIA was unable to adapt to the volatility of cryptocurrency markets; (iv) as cryptocurrency prices dropped, NVIDIA hid halting growth from cryptocurrency miners by continuing to push mid-range GPUs into the channel; (v) this would foreseeably cause an oversupply of gaming card inventory levels on the market and ultimately lead to over three months of excess inventory in NVIDIA's channel; and (vi) as a result, NVIDIA's public statements were materially false and misleading at all relevant times.
On November 15, 2018, it was further revealed that NVIDIA cut its revenue guidance for the fiscal fourth quarter from 17% growth to 7% decline. The Company attributed the results to increased inventory of GPUs that had built up before the decline in cryptocurrency-related demand. On this news, NVIDIA's stock price declined by $57.69, or 28.5%, over the next two trading days, closing at $144.70 on November 19, 2018.
What You Can Do
If you are an NVIDIA shareholder, you may have legal claims against the Company's directors and officers. If you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Joe Pettigrew toll-free at (844) 818-6982 or at jpettigrew@scott-scott.com.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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CONTACT:
Joe Pettigrew
Scott+Scott Attorneys at Law LLP
230 Park Ave, 17th Floor, New York, NY 10169
(844) 818-6982
jpettigrew@scott-scott.com
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SOURCE Scott+Scott Attorneys at Law LLP
