BALA CYNWYD, Pa., March 7, 2002 (PRIMEZONE) -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:
A securities class action lawsuit pending in the U.S. District Court for the Northern District of California C-02-0853) claims that NVIDIA Corp. ("NVIDIA") (Nasdaq:NVDA) misled shareholders about its business and financial condition.
Plaintiff seeks damages for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of all investors who bought NVIDIA Corp. securities between February 15, 2000 through February 14, 2002 (the "Class Period").
Schiffrin & Barroway, LLP has prosecuted shareholder class actions for over fourteen years and has recovered more than $1 billion for investors. If you are a shareholder of NVIDIA Corp. and want to learn more about this lawsuit and about becoming a lead plaintiff, you may visit our Website at www.sbclasslaw.com.
The complaint charges NVIDIA and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition. NVIDIA designs, develops and markets three dimensional (3D) graphics processors and related software. The company's products provide interactive 3D graphics to the mainstream personal computer market. 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.
Then, on Feb. 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.
If you purchased NVIDIA Corp. securities between February 15, 2000 through February 14, 2002, you may be a member of the class and have until April 21, 2002 to move the court to become a lead plaintiff. In order to serve as lead plaintiff, however, you must meet certain legal requirements. To be a member of the class, however, you do not need to take any action at this time. Should you decide to seek appointment as a lead plaintiff, you may retain Schiffrin & Barroway, or retain counsel of your choice.
To learn more about your rights and interests in this case and your ability to potentially recoup your losses, please contact Schiffrin & Barroway (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) directly at 888-299-7706 (toll free) or 610-822-2221, fax number 610-822-0002, e-mail at info@sbclasslaw.com or visit our website at www.sbclasslaw.com.
More information about this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca