Nvidia, CEO Jensen Huang hid affair to suspected Chinese spy: shareholder lawsuit | Latest Tech News
Nvidia and Chief Executive Jensen Huang had been sued on Monday in a proposed class motion accusing them of defrauding shareholders by concealing Huang’s ties with a suspected Chinese spy.
According to a criticism filed in federal court in San Jose, Calif., the defendants misled shareholders about Huang’s alleged affair with Alice Huang, a former government of Singapore-based Megaspeed who will not be associated to him, and didn’t disclose that the matter raised national security considerations that threatened Nvidia’s status and business prospects.
The New York Times reported last month about the alleged relationship, and that US authorities had concluded Alice Huang was a Chinese intelligence asset.
Nvidia and CEO Jensen Huang had been sued in a proposed class motion accusing them of defrauding shareholders by concealing Huang’s ties with a suspected Chinese spy. ZUMAPRESS.com
Nvidia didn’t immediately reply to a request for remark.
Jensen Huang told Nvidia’s staff he had been untrue to his spouse, without disclosing particulars of the alleged relationship.
He co-founded Nvidia, and has led the Santa Clara, Calif.-based company as it turned the world’s most precious chipmaker and made him one of the world’s most outstanding symbols of the artificial intelligence growth.
Nvidia announced a probe into the matter on Sunday. Its shares closed down 4.3% on Monday, lowering Nvidia’s market capitalization by roughly $190 billion. The lawsuit was filed 5 minutes after the US stock market closed.
Nvidia announced a probe into the matter on Sunday. Shares closed down 4.3% on Monday. RITCHIE B TONGO/EPA/Shutterstock
Here’s the latest on the Nvidia CEO’s affair with an alleged Chinese spy:
It is common for shareholders to sue firms after sudden share price declines. Nvidia shareholders led by Mark Kistenmacher are looking for unspecified damages from the defendants.
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