I have to say I had the same problems with PNY's so-called "lifetime" warranty. Frankly, I'm amazed they're still in business at all and that someone hasn't filed a class-action lawsuit against them. "Lifetime" for PNY is defined as however long they manufacture the product and feel they want to stand behind it. Period. In fact, they should put "Lifetime Warranty" in quotes just as I have, because it seems more like irony.
A couple of years ago, I had a PNY video card suddenly fail on me after less than 3 years of moderate use. The box and documentation stated that it was covered by a lifetime warranty (not even a *limited* lifetime warranty, mind you), indeed it was one of the main reasons I went with that particular card. Now, I wish I'd done more research, but I'd owned PNY hardware previously and hadn't had any problems. So I was confident in sticking with a brand I *thought* I knew when it came time to upgrade my GPU. When it failed, I contacted PNY about a replacement. I sat there in stunned disbelief as they explained to me the card was "outdated technology" and as they didn't manufacture that particular model anymore the warranty did not apply. In nearly 2 decades of building PCs and dealing with various component manufacturers, that was a first for me. "Outdated technology"? Please... I've owned older socks! To hear them talk, you'd think it was an old ISA bus adapter instead of PCI (and at the time the card failed, PCIe were just starting to appear on the scene). Admittedly the card was no longer cutting edge, but it was hardly "outdated".
One would think it either IS a lifetime warranty, or it IS NOT, as clearly stated on product packaging (without even an asterisk to suggest otherwise). But PNY gets around holding up their end of the contract with a little loophole in their fine print (buried in the documentation inside, which you likely don't even see until after you've bought the thing), which essentially says they offer a lifetime warranty, but can change the terms of it at any time, without notice and as they see fit -- even AFTER you've purchased the product. How convenient for them. Certainly deceptive. Perhaps even criminal. After a couple of weeks of getting absolutely nowhere with their "customer service" department (again, note the use of quotes to indicate irony) I filed a complaint with the Better Business Bureau and found that I wasn't the first to do that, either. Beyond that, there wasn't much else I could do but replace my card and chalk it up to a sour learning experience -- and warn other people against making the same mistake.
As I said, I'm amazed PNY are still in business. They will never again get any business from me or any of my clients through me. Avoid purchasing from PNY; they are unreliable and unethical, to say the least.