Lack Of Falsity, Scienter Leads To Dismissal Of Claims In NVIDIA Stock-Drop Suit

Mealey's (March 18, 2020, 2:18 PM EDT) -- OAKLAND, Calif. — A federal judge in California on March 16 ruled that although the lead plaintiffs in a securities class action lawsuit against graphics processing unit (GPU) manufacturer NVIDIA Corp. and certain of its senior executives have sufficiently pleaded loss causation in arguing that the defendants misrepresented the company’s revenues based on the sale of its gaming GPU to cryptocurrency miners in making their federal securities law claims, the lead plaintiffs failed to plead their claims with the required falsity or scienter (Iron Workers Local 580 Joint Funds, et al. v. NVIDIA Corp., et al., No. 18-7669, N.D. Calif., 2020 U.S. Dist. LEXIS 45259)....