It was both 2017 and 2018 that were massive rides for the entire cryptocurrency market reaching both new highs and dangerous lows, creating ripples in other industries like the graphics card market where NVIDIA, AMD and soon Intel reside.
Well, NVIDIA in the midst of all of this has been slapped with a bunch of class action lawsuits over statements made over the last 18 months. When cryptocurrency pricing and the mining market was in a very strong position, NVIDIA had statements that the company were "masters at managing" the cryptocurrency market and that it was prepared for any instability in the market and that both gamers and investors alike, didn't need to be worried.
Yeah and then an oversupplied market, and juicin' second hand card market and no competition from AMD, NVIDIA stock then tumbled 50% recently and is still dropping. It hasn't been a good couple of months since the launch of the GeForce RTX series of graphics cards, and now some have lawyered up and hit NVIDIA with some class action lawsuits.
Schall Law Firm is handling the case against NVIDIA, and wants investors who spent over $100,000 to join its class action lawsuit. The firm said: "According to the Complaint, the Company made false and misleading statements to the market. NVIDIA touted its ability to monitor the cryptocurrency market and make rapid changes to its business as necessary. The Company claimed to be "masters at managing our channel, and we understand the channel very well." NVIDIA also claimed to the market that any drop off in demand for its GPUs amongst cryptocurrency miners would not negatively impact the Company's business because of 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".
- > NEXT STORY: Netflix to poach Activision's chief financial officer
- < PREVIOUS STORY: Project CARS 3: spiritual successor to Need for Speed Shift