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Nvidia and Jensen Huang hit with shareholder class action: suit says they hid ties to a suspected Chinese spy
First seen on X 2 days ago@unusual_whales ♥ 2,72125 views
Nvidia and CEO Jensen Huang were sued on Nov. 9 (US time) in a proposed class action in federal court in San Jose, California, accusing them of defrauding investors. It came a day after the board opened an investigation into Huang.
According to Reuters, the suit was filed about five minutes after the market closed. Led by shareholder Mark Kistenmacher, it alleges the company misled investors about Huang's alleged affair with Alice Huang, a former Megaspeed executive who is not related to him, and did not disclose that the matter raised national security concerns that could hurt Nvidia's reputation and business. The New York Times reported last month that U.S. authorities concluded she was a Chinese intelligence asset. The plaintiffs seek unspecified damages, and Nvidia did not immediately respond to Reuters.
Nvidia shares fell 4.3% on Nov. 9, erasing roughly $190 billion in market value. The allegations are the plaintiffs' claims; no court has ruled.
“BREAKING: Nvidia and CEO Jensen Huang have been sued in a proposed class action, per Reuters.”
