News Posts matching #Court

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NVIDIA Wins $1 Billion Lawsuit by a Class of Investors

Last year, we found out that a group of investors has accused NVIDIA that the company has misled its investors by reporting crypto revenue as gaming revenue numbers and making its gaming revenue seem much bigger than it is. The original lawsuit was filed in 2017 and it demanded that NVIDIA should pay one billion US Dollars to investors shall they be proven right. In 2017, cryptocurrency mining was at the same craze it is today, with people buying every possible card that exists and consumers having a hard time upgrading their PCs. Investors in NVIDIA corporation have believed that in 2017, the company has presented its cryptocurrency earning figures as a part of the gaming figures, thus giving misleading information about the company's success in the gaming market.

Today, we have information that NVIDIA has won this lawsuit. On Tuesday, U.S. District Court Judge Haywood Gilliam has dismissed the case and ruled that investors were unable to provide any significant evidence that the company has used such practices and misled investors. By taking this case off the company, NVIDIA will not be paying one billion USD to the accusing investors and the company continues operations as normal.

Micron Provides Statement on Fujian Province Patent Litigation

(Editor's Note: We'll see if this statement from Micron is enough to staunch the bleeding on its shares - which it should, since the company says no recognizable impact will exist on its bottom line. If things are as they seem (and yet, they seldom are), this is a checkmate move from Chinese manufacturing companies - eventually supported by the Chinese government - and an interesting way to lock China's voracious DRAM and NAND market to fully domestic manufacturers.)

Micron Technology, Inc., announced that the Fuzhou Intermediate People's Court, Fujian Province, China today notified two Chinese subsidiaries of Micron that it has granted a preliminary injunction against those entities in patent infringement cases filed by United Microelectronics Corporation (UMC) and Fujian Jinhua Integrated Circuit Co. (Jinhua). The patent infringement claims of UMC and Jinhua were filed against Micron in retaliation for criminal indictments filed by Taiwan authorities against UMC and three of its employees and a civil lawsuit filed by Micron against UMC and Jinhua in the United States District Court for the Northern District of California for the misappropriation of Micron trade secrets.

US: The Tax Man Cometh After Online Sales Tax Following Supreme Court's Decision

A Supreme Court decision last Thursday may be just what the doctor ordered for states' ability to collect taxes on online sales from a much wider variety of businesses. The decision, passed with 5-4 votes from the Justices involved, overrules previous understandings regarding the physical presence rule: essentially, that a business was only forced to collect sales tax and send it to the State it's operating if it had some sort of physical presence (be it warehouses or some such) in that particular state. If not, taxes were still due - but shoppers had to take the initiative of delivering their taxable amount to the state. That, naturally, very rarely happened, which led to reported billion dollar losses in tax revenue for a variety of US states.

Now, states have essentially been given the green light to pass laws requiring out-of-state sellers to collect the state's sales tax from customers and send it to the state. More than a dozen states have already adopted such laws even ahead of the court's decision, confident in the decision's direction, said state tax policy expert Joseph Crosby.

Valve Fined by Australian Federal Court for Not Offering Refunds

Valve Software, which through its Steam platform sells and supports games and software on behalf of other game publishers, has been fined AU $3 million by an Australian Federal Court for "misleading consumers," and for not conducting commerce in line with the local consumer protection norms, which guarantee Australian consumers a host of remedies that include refunds, if a product or service purchased doesn't live up to its marketed standards.

The Australian Competition & Consumer Commission (ACCC) in 2014 pulled up Valve for not offering a satisfactory refunds system to Australian consumers. The case, heard by a Federal Court, after two appeals by Valve against penalties, ordered Valve to pay up AU $3 million in fine, and set up a consumer-satisfaction system in line with Australian Consumer Law. As a private company (not listed on any stock exchange), Valve is not obligated to reveal its net-worth, which was estimated by the press in various points in time. It was valued at USD $3 billion in 2012. Its founder Gabe Newell has an estimated net-worth of $5.5 billion, according to a Forbes report.

Newegg Sued for Alleged Involvement in Ponzi Scheme Through Fake Orders

Newegg (owned by Beijing-based Hangzhou Liaison Interactive Information Technology) has been sued by a conglomerate of South Korean banks. The plaintiffs claim that the Southern California computer parts retailer has aided, abetted, and profited from enabling a Ponzi Scheme to take place with its products orders. The lawsuit, filed in U.S. District Court in Los Angeles, alleges that Newegg and ASI Corp., a South Korean computer wholesaler, made fraudulent orders from Korean hardware manufacturer Moneual, whose chief executive, Hong-seok Park, was sentenced in 2015 to 23 years in prison for financial fraud, and additionally subject to fines and forfeitures.

Newegg and ASI took part on the whole scheme by creating non-existent, exaggerated-pricing (sometimes 300x higher than market value) orders for Moneual products, thus allowing it to gain a higher valuation from investors. By inflating sales figures, the suit alleges that Moneual was able to receive hundreds of millions of dollars from South Korean banks. As a reward, Newegg and ASI received kickbacks from Moneual.

Toshiba and WD Power Struggle Continues - WD Bid for Toshiba's Business 6 Times

You must remember the ongoing house of horrors that is Toshiba's financial situation. Granted, it isn't that bad - the company is still managing to push the envelope on its semiconductor production business. Still, I'm sure the company would have liked to not be on the verge of selling out 20% of its memory business production stake - which is one of the company's most profitable divisions to begin with.
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