NVIDIA Slapped With Class Action Lawsuit Tied To Cryptocurrency Implosion

Long-time Slashdot reader foxalopex writes:

It looks like Nvidia is going to be hit with a class action for investors who lost big when their stock price crashed more than 50% due to an overstock of GPU cards that were produced for the crypto-currency craze back in 2018.
The suit claims investors were told Nvidia had control of the situation until it crashed worse than even Nvidia had anticipated.

'The Company's public statements were false and materially misleading,' argues the complaint from a Los Angeles law firm, seeking investors who purchased shares in NVIDIA between August 10, 2017 and November 15, 2018.

It was on November 15 that NVIDIA issued a statement that 'excess channel inventory post the crypto-currency boom...will be corrected.' Citing new products for machine learning, film rendering, and cloud computing, they added that 'Our market position and growth opportunities are stronger than ever.'

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