NEW YORK, Feb. 22, 2002 (PRIMEZONE) -- A class action complaint has been filed in the United States District Court for the Northern District of California on behalf of all persons or entities who purchased NVIDIA Corporation ("NVIDIA" or the "Company") common stock (Nasdaq:NVDA) between February 15, 2000 and February 14, 2002, both dates inclusive (the "Class Period").
The Complaint charges NVIDIA Corp., as well as NVIDIA's chief executive officer and NVIDIA's chief financial officer, with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The violations, as the complaint alleges, stem from the issuance of allegedly false financial statements during the class period, which had the effect -- during the class period -- of artificially inflating the price of NVIDIA's shares while two NVIDIA executives received $66 million from insider sales. Then, on February 14, 2002, NVIDIA announced that the SEC had requested that NVIDIA conduct a review of how it had accounted for "certain past transactions"; and that, as a result, NVIDIA might be forced to restate previously announced financial results. In reaction to such news, NVIDIA's shares fell from $62.16 on February 14, 2002 to $53.55 per share two trading days later.
Plaintiff is represented by the law firm of Rabin & Peckel LLP. Rabin & Peckel LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States. You can learn more information about Rabin & Peckel at www.rabinlaw.com.
If you purchased NVIDIA common stock during the Class Period described above, you may, no later than April 21, 2002, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this action as a lead plaintiff online at www.rabinlaw.com. If you wish to discuss this action further or have any questions concerning this announcement, or your rights or interests, please contact plaintiff's counsel, Eric Belfi or Maurice Pesso, Rabin & Peckel LLP, 275 Madison Avenue, New York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, or by e-mail at email@rabinlaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.