NEW YORK, Sept. 12, 2008 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of NVIDIA Corporation. ("NVIDIA" or "the Company") (Nasdaq:NVDA) common stock during the period between November 8, 2007 - July 2, 2008 (the "Class Period") for violations of federal securities laws.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased or acquired NVIDIA securities during the Class Period, you may move the court no later than November 10, 2008, and request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Sue Lee at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com.
The Complaint alleges that NVIDIA and certain of its officers issued a series of materially false statements that concealed and failed to disclose, that failure rates of NVIDIA's products were well above reported amounts or historical norms, and were adversely impacting the Company's near-term and foreseeable financial and operational results. It was only on July 2, 2008, that defendants belatedly disclosed that its product failure rates were over 10 times levels expected by analysts and investors. Following defendants' belated disclosure, NVIDIA's stock plummeted -- losing over $3 billion in market capitalization -- causing material damage to investors.
More information on this and other class actions can be found on the Class Action Newsline at www.globenewswire.com/ca.