Nvidia and its chief executive, Jensen Huang, face a proposed shareholder class action in the United States over claims that they misled investors about Huang's relationship with a former executive of Singapore-based Megaspeed International, who US officials reportedly suspect of links to Chinese intelligence.

The complaint was filed on 9 November 2026 in the US District Court for the Northern District of California by shareholder Mark Kistenmacher, represented by the Rosen Law Firm. The case is listed as Mark Kistenmacher v. NVIDIA Corporation and Jen-Hsun Huang, case number 5:26-cv-13448, and it seeks damages and a jury trial.

What the lawsuit alleges

The complaint alleges that Nvidia and Huang made materially false and misleading statements, or failed to disclose material information, about Huang's association with Alice Huang, a former Megaspeed executive, and about Nvidia's business relationship with Megaspeed. It covers investors who bought Nvidia securities between 9 October 2025 and 8 November 2026, and it brings claims under sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5.

At the centre of the case is the argument that the relationship raised national security concerns that investors should have been told about. Megaspeed, a Singapore-based Nvidia customer, has been under scrutiny by US authorities over suspected evasion of export controls on advanced AI chips, and reports say US intelligence monitored Alice Huang after concluding she was a collaborator with Chinese intelligence. Alice Huang is not related to Jensen Huang.

Shares fell after board inquiry

Nvidia shares fell by 4.27%, or $7.97, to close at $178.67 on Monday, the first trading day after Nvidia's board announced an independent investigation on Sunday, 8 November. The board said Huang had been the target of a foreign intelligence effort but that it had no reason to believe either national security or Nvidia's confidential information had been compromised.

It is important to stress that the claims in the complaint are allegations, not findings. They have not been tested in court, the proposed class action has not been certified, and Alice Huang has not been charged with any offence. China's foreign ministry has described the spy allegations as unsubstantiated. The case adds a securities-law dispute to the board's own investigation, and its outcome will depend on the court proceedings and on what that investigation finds.

TweakTown and Tbreak have reported the filing and the details of the complaint.