Abbey Gardy, LLP Commences Class Action Suit Against NVIDIA Corp. -- NVDA


NEW YORK, March 15, 2002 (PRIMEZONE) -- The law firm of Abbey Gardy, LLP has filed a class action against NVIDIA Corp. (Nasdaq:NVDA) and certain of its officers and directors, Jen-Hsun Huang (President and Chief Executive Officer) and Christine B. Hoberg (Chief Financial Officer) in the United States District Court for the Northern District of California, on behalf of all persons or entities who purchased NVDA common stock during the period from February 15, 2000 through February 14, 2002.

The complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder by the Securities and Exchange Commission ("SEC"). NVIDIA designs, develops, and markets graphics processors and related software for personal computers and digital entertainment platforms. NVIDIA provides a "top-to-bottom" family of performance 3D graphics processors and graphics processing units that, in the Company's opinion, has set the standard for performance, quality and features for a broad range of desktop PCs, from professional workstations to low-cost PCs, and mobile PCs, from performance laptops to thin-and-light notebooks. Specifically, the complaint alleges that as part of their effort to boost the price of NVIDIA stock, defendants misrepresented NVIDIA's true prospects in an effort to conceal NVIDIA's improper acts until they were able to sell at least $66 million worth of their own NVIDIA stock. In order to overstate revenues and assets in its 4Q 00, 1Q 01, 2Q 01 and 3Q 01, NVIDIA violated Generally Accepted Accounting Principles and SEC rules by engaging in an illegal accounting scheme. This scheme had the effect of dramatically overstating revenues and assets.

On February 14, 2002 (after the close of the market), the company partially admitted that its past accounting for its prior results may be inaccurate in a press release entitled, "NVIDIA Corporation Conducting Review of Certain Transactions at the Request of the SEC." On this news the company's shares plummeted the following day.

Plaintiff seeks to recover damages on behalf of all those who purchased or otherwise acquired NVIDIA securities during the Class Period. If you purchased or otherwise acquired NVIDIA securities during the Class Period, and either lost money on the transaction or still hold the securities, you may wish to join in the action to serve as lead plaintiff. If you purchased NVIDIA securities during the Class Period, you may, no later than April 22, 2002, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiffs.'' Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff.

A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiffs." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Abbey Gardy, LLP, or other counsel of your choice, to serve as your counsel in this action.

Abbey Gardy, LLP has been retained as one of the law firms to represent the Class. The attorneys at Abbey Gardy, LLP have extensive experience in securities class action cases, and have played lead roles in major cases resulting in the recovery of hundreds of millions of dollars to investors. If you would like to discuss this action or if you have any questions concerning this Notice or your rights as a potential class member or lead plaintiff, you may contact Nancy Kaboolian, Esq. or Jennifer Haas of Abbey Gardy, LLP at (800) 889-3701 or email JHaas@abbeygardy.com.

More information on this and other class actions can be found on theClass Action Newsline at www.primezone.com/ca



            

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