03-19-2002
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TechSpot Evangelist
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Location: Glasgow, Scotland
Member since: Feb 2002, 6,504 posts
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Nvidia hit with securities fraud suit
http://theregus.com/content/3/24351.html
Quote:
Nvidia hit with securities fraud suit
By Drew Cullen
Posted: 03/18/2002 at 12:38 EST
Nvidia has been slapped with a class action suit alleging securities fraud.
Leading the charge is legal rottweiler Cohen, Milstein, Hausfeld & Toll, a class action specialist based in Washington DC.
The law firm alleges that Nvidia officers misled shareholders between Feb 15, 2000 and Feb 14, 2002, and it it is seeking people who bought Nvidia stock during this period to join a class action suit. The deadline is April 22, 2002.
"In order to overstate revenues in its financial statements, NVIDIA violated Generally Accepted Accounting Principles and SEC rules by engaging in an improper scheme. As a result of defendants' misleading statements and accounting improprieties during the Class Period, the price of NVIDIA common stock traded at artificially inflated prices," it says in a
statement.
The suit was filed on March 14 in the United States District Court for the Northern District of California. Nvidia and "certain of its officers and directors' are accused of violations of the Securities Exchange Act of 1934. ®
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