Nvidia faces a lawsuit from one of its own shareholders, following hardware problems earlier this year.
The lawsuit alleges that the top brass at Nvidia knew as early as November 2007 that there were flaws in some of its products yet concealed the potential defects “in a series of false and misleading statements made to the investing public.”
When Nvidia did acknowledge the problems on July 2nd, the firms’ stock price dropped by 31 per cent and caused a reduction in the company market value of $3 billion.
The lawsuit is a class action on behalf of those people who bought or owned stock during the relevant period.
Link: The Inquirer