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NVIDIA is a household name in the world of real-time gamers and as of recent years, crypto miners. The computer graphics giant revolutionized the PC gaming market when it invented the graphics processing unit (GPU), and also creates popular devices with which crypto miners can mine. The incorporation of GPU into devices such as notebooks, PC, smartphones, and workstations caused a drastic reduction in the price of supercomputing and made it widely available.
Since the breakthrough in 1999, NVIDIA has become a force to reckon with in the gaming market, and with the rise of cryptocurrency also in the crypto mining market. No wonder it has garnered a crowd of investors who now feel that the gaming mogul has been ‘playing’ them all along. NVIDIA prides itself as a master of their field. The company claims to have sound knowledge in the market and a good understanding of the computing industry. This was not the case in the second half of 2018, August to be precise, when the graphics company reduced its revenue guidance for the 3rd quarter of 2018, presumably as a result of the drastic decline in cryptocurrency prices that impact mining profitability.
The company, which promised its shareholders/investors that they have sailed these waters for quite some time and are capable of maneuvering past any hurdles posed by crypto miners, again assured its investors in August 2018, that there will be no significant impact from crypto miners for the rest of the year; again, that was not the case. NVIDIA made another reduction in its revenue guidance for the 4th quarter of 2018, a move which caused a drastic drop in the company’s stock. This self-destructive but inevitable move made most of the company’s investors incur a significant amount of loss.
Holding NVIDIA to its promise of being invincible, aggrieved investors have teamed up to file a class action lawsuit against the company for their false and misleading statements, claiming it was an act which is a violation of the federal securities laws under the Securities Exchange Act of 1934. Following the filing, Schall Law Firm, a law firm which focuses on class action lawsuits and shareholder rights litigation, released an ‘advert’ calling on investors who incurred losses above $100,000 to join the lawsuit. Although the class of the lawsuit is yet to be identified, the class period includes all investors who purchased NVIDIA shares from August 10. 2017 to November 15, 2018.
Investors are urged to join the case to recover their losses. Any of such investors interested in the case should contact Brian Schall or Sherin Mahdavian of Schall Law Firm to discuss their rights. This service is tagged free for all interested investors. Schall or Mahdavian can be contacted at the firm’s permanent location at 1880 Century Park East Suite 404, LA, California 90067 or through the firm’s line at 424-303-1964. Interested investors can also contact them through the firm’s website address at schallfirm.com or by email address at [email protected]
NVIDIA is not the only company that is entangled with the current climate in the crypto mining sphere. Bitmain, another mining giant, is presently facing an even worse state of affairs due to cryptocurrency decline in 2018. Perhaps 2019 will be a better year for cryptocurrency prices and, consequently, for crypto mining.