Nvidia is facing a class action lawsuit for allegedly misleading crypto statements

The Schall Law Firm are encouraging investors who’ve experienced losses to contact them before the case is certified.

Major tech company Nvidia has been dealt a class action lawsuit, on behalf of investors who suffered losses “in excess of $100,000,” Schall Law Firm announced this week.

According to a press release published by the Schall Law firm on Monday, investors who bought shares in excess from Nvidia between 10 August 2017 and 15 November 2018 are being encouraged to contact the Schall Law Firm before February 19 2019.

The lawsuit states that Nvidia misleadingly claimed to be “masters at managing [their] channel,” and falsely said that it would be able to monitor the crypto market. In addition, the company allegedly told investors that “any drop off in demand for its GPUs amongst cryptocurrency miners” would be made up for by the strong demand for GPUs from the gaming market.

“Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about NVIDIA, investors suffered damages.” reads the claim.

As stated in the release, the case has “not yet been certified,” and reminds potential plaintiffs that they will not be represented by an attorney until such certification is settled.

The decline of crypto mining reportedly hit Nvidia hard last month. After announcing its most recent earnings in mid-November, the company fell short of expectations, and predicted that its fourth-quarter earnings would be somewhere between$2.65 billion and $2.75 billion, rather than the $3.4 billion that had been projected originally.

Before that, company CEO Colette Kress said that the company was projecting “no contributions” from the crypto market, which were since considered to confirm the company’s intention to leave crypto mining altogether.

Source: Schall Law 

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