The Liu Law Firm, led by U.S. federal attorney Liu Longzhu, filed a complaint with the U.S. District Court for the Northern District of California on November 11 Beijing time, initiating a securities class action against NVIDIA (NVDA) and Jensen Huang on behalf of affected investors.
As of November 14, Liu Longzhu told reporters that more than 200 investors from around the world have joined the lawsuit launched by the firm, with the majority coming from the United States and Canada, and a considerable number also participating from Asia.
Among the joiners, several have investment amounts reaching the million-dollar level, with the single largest investment exceeding $7 million. For investors who only indirectly hold NVIDIA (NVDA) through instruments such as Nasdaq ETFs, Liu Longzhu stated that they "theoretically could join," but that calculating actual losses in such cases is exceptionally complex. On November 12, NVIDIA (NVDA) relieved Jensen Huang of all corporate duties. Liu Longzhu believes that this personnel change does not alter the prior litigation liability between Huang and the board of directors, as the complaint targets the disclosure obligations during the period in question.
Core Allegations of the Case
Multiple law firms are pursuing the matter in parallel. The first case was filed by investor Mark Kistenmacher on November 9 (represented by Rosen Law Firm, case number 5:26-cv-13448), alleging that NVIDIA (NVDA) failed to adequately disclose the personal relationship between Jensen Huang and individuals associated with chip customer Megaspeed, potential conflicts of interest, and national security risks, constituting misleading statements in violation of U.S. securities law. The court has not yet certified the class, and all allegations remain the plaintiffs' claims. NVIDIA (NVDA) has not admitted to any wrongdoing.
Upcoming Milestones
The deadline for lead plaintiff applications is January 8, 2027. An independent investigation by the NVIDIA (NVDA) board of directors and a related Department of Justice investigation are proceeding simultaneously. On November 17, NVIDIA (NVDA) will release its latest quarterly earnings report, with the market focused on how management-related risks may impact the valuation.
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