October 11, 2024 News

Berger Montague Files Amicus Brief in NVIDIA Corp v. E. Ohman J U.S. Supreme Court Case

On October 2, 2024, Berger Montague filed an amicus brief in the U.S. Supreme Court for the securities fraud case NVIDIA Corp v. E. Ohman J. The case centers on whether or not plaintiffs alleging knowledge of wrongdoing under the Private Securities Litigation Reform Act (PSLRA) must plead with detailed information from internal company documents, and if expert opinions satisfy the Act’s requirements. The outcome of the case could potentially make it much more difficult for defrauded investors to have their day in court.

The amicus brief comes after the defendant, NVIDIA Corp., asked the U.S. Supreme Court to reverse a Ninth Circuit panel ruling which allowed our clients’ case to proceed. The defendant has asked the Court to put in measures which would make it much harder for investors’ to recover their defrauded investments, such as requiring the use of factual information from internal documents to prove a company’s knowledge of wrongdoing.

“NVIDIA proposes a novel requirement,” the amicus brief states, “that investors must allege the precise content of defendants’ internal corporate documents. But many plaintiffs will not have access to such documents, and this new requirement would result in closing the courthouse door even to very well-founded cases….Second, NVIDIA asks this Court to create a new rule barring the use of expert findings in securities fraud complaints. This request ignores the fact that courts are well equipped to sort through strong and weak expert findings.”

Berger Montague represents 12 institutional investors, including governmental retirement systems, who collectively represent more than $5 trillion in assets. The Counsel of Record is Shareholder Paul Bland. The amicus brief was written by Executive Shareholder Michael Dell’Angelo, Senior Counsel Alex Heller, and Associates Matthew Summers and Joseph Samuel.

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