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|10th September 2008, 18:52||#1|
Join Date: May 2002
Lawyers slap Nvidia with chip glitch lawsuit
Nvidia’s CEO Jen-Hsun Huang and CFO Marvin Burkett are accused of concealing the defect for eight months, even though – according to the allegations (pdf) – they knew of "these unprecedented failure rates, as well as their ‘root causes’” as early as November 2007.
The chip firm went public about the flaw on 2 July this year when it hit shareholders with a succession of irksome announcements, revealing a financial forecast cut short due to slowing sales, a delayed ramp for new product, and a hefty payout due to faulty laptop chips.
Nvidia said at the time that it expected to pay between $150m and $200m to cover warranty, repair, return, replacement and other costs for defects in certain laptop GPUs (graphic processing units) and MCPs (media and communication processors).
Following the July announcement, Nvidia’s stock price tumbled 31 per cent to $12.98, and market capitalistion shrunk by $3bn “virtually overnight”, according to the filing.
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