tl;dr
Nvidia Corporation's appeal to the U.S. Supreme Court regarding a securities fraud lawsuit, alleging misleading information about its cryptocurrency revenue, has been accepted. The lawsuit, initially filed in 2018, accuses Nvidia of violating the Securities Exchange Act by not accurately disclosing ...
NVIDIA's Appeal to Supreme Court Over Cryptocurrency Revenue Lawsuit NVIDIA Corporation's appeal to the U.S. Supreme Court regarding a securities fraud lawsuit, alleging misleading information about its cryptocurrency revenue, has been accepted. The lawsuit, initially filed in 2018, accuses Nvidia of violating the Securities Exchange Act by not accurately disclosing the percentage of revenue from cryptomining. The 9th U.S. Circuit Court of Appeals reinstated the class action lawsuit, which Nvidia is seeking to dismiss. The company previously settled with U.S. authorities in 2022 but the shareholder lawsuit persists.
Additionally, the Supreme Court has agreed to hear a similar case involving Meta Platforms Inc. regarding alleged misleading information to investors. Furthermore, ongoing investigations into Nvidia, Microsoft, and OpenAI over potential antitrust issues in the AI market are being conducted by the FTC and DOJ.
- Nvidia’s appeal was heard by the justices after the 9th U. S. Circuit Court of Appeals reinstated a class-action lawsuit filed by shareholders against Nvidia and its CEO, Jensen Huang.
- The legal proceeding was filed by the Swedish investment management company E. Ohman J Fonder AB and asks for an undisclosed amount of money damages. Nvidia and its top executives, consequently, are accused of issuing false statements in 2017 and 2018 regarding the significance of cryptocurrency-related sales in the company’s revenue.
- The case was launched back in 2018 with the main allegation of Nvidia violating the Securities Exchange Act of 1934. The plaintiffs alleged that Nvidia did not provide accurate information about the percentage of its revenue that came from cryptomining, a process that involves the use of GPUs to solve mathematical problems in the mining of digital currencies such as Bitcoin.
- Nvidia has posited that the 9th Circuit’s decision can result in “abusive and speculative litigation”, this is why the company has called on the Supreme Court to get involved. In the year 2022, Nvidia was charged by the U.S. authorities, and the company resolved to pay $5.5 million for not adequately disclosing the effect of cryptomining on its gaming unit. This settlement, however, did not stop the shareholder lawsuit from continuing to the next level.
- In addition, the justices have also consented to hear another such case concerning Meta Platforms Inc. where the shareholders of the social media company have alleged that the company misled the investors about the abuse of users’ data.
- Earlier this month, US regulators opened an investigation into Nvidia alongside Microsoft and OpenAI on possible antitrust issues in the AI market. These probes that are in progress are led by the Federal Trade Commission (FTC) and the Department of Justice (DOJ) and are directed towards handling cases of market power and competition.
Read Also: Top US SEC Executive Quits After 9 Years Of Service
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