PANews reported on December 12 that according to IT Home, the U.S. Supreme Court recently rejected Nvidia's appeal in a class action lawsuit filed by investors, which accused Nvidia of misleading shareholders about the impact of the cryptocurrency market on its sales. This means that the case will continue to be heard in the lower court.
The case stems from two investor lawsuits in 2018, alleging that Nvidia irresponsibly misled investors about the extent to which revenue growth correlated with the performance of cryptocurrencies. Investors claimed that Nvidia and its executives issued materially false statements, downplaying the impact of the volatile cryptocurrency market on its revenue growth and exaggerating its ability to adapt to market changes. Previously, an appeals court had allowed at least part of the combined case to proceed.
It is worth noting that in 2022, Nvidia reached a $5.5 million settlement with the U.S. Securities and Exchange Commission (SEC) for concealing the connection between its success and the volatile cryptocurrency market. In the settlement, Nvidia did not admit any wrongdoing.
