The Schall Law Firm filed a lawsuit against Nvidia accusing the company of making deceptive statements about mitigating the effects of the reduced demand from the crypto market in general and we find out more in the latest blockchain news.
The reason for the lawsuit has a back-story. When the demand for mining rigs was high and they were sold for higher prices, everyone tried to get their hands on the mining rigs from individuals to large companies.
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This has brought to shortages of rigs and manufacturers such as Nvidia had to increase their production in order to meet the demand.
Nvidia allegedly accused investors that they will gather all of the effects of the reduction in the demand for the mining rigs by crypto miners. However, when the market crashed, the demand also went down and the prices sank incredibly. Because of this, Nvidia and other manufacturers were left empty-handed. In order to recoup their investment, the manufacturers flood the market by lowering the prices massively.
After the prices decreased, Nvidia became the worst performer for 2018 after the massive sell-off of its shares. The lawsuit claims that the company assured the investors that they will be able to gather the effects of the reduced demand:
“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.”
The case has still not been certified. All of the investors who bought shares from Nvidia should get in touch with the company before January 19 according to the Schall Law Firm.
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