So far, the case has been interesting but very general: on October 2, two federal agencies, the Department of Justice and the Securities and Exchange Commission (SEC), filed amicus briefs urging the Supreme Court to grant the suit.
In the brief, six government officials, led by Federal Reserve Solicitor General Elizabeth B. Preloger and SEC Senior Appellate Counsel Theodore J. Hughes, argued in favor of allowing the Supreme Court to hear the case. Hughes argued for the Supreme Court to delay the case.
the note is based on the findings of a 2019 Royal Bank of Canada report that NVIDIA understated its #cryptocurrency revenues by $1.35 billion from February 2017 to July 2018, as well as a similar analysis by economic consulting firm The Prysm Group, which previously The note cites evidence from
the note also emphasizes that the appeals court relied on the fact that NVDA's revenues collapsed at the same time as cryptocurrency prices #rose .
In addition, two live testimonies of insiders (former employees, referred to as FE 1 and FE 2) were presented in the case. According to FE 1's testimony, the company maintained a global database specifically to track sales of GeForce series GPUs to cryptocurrency miners, and according to FE 2's testimony, CEO Jensen Huang was directly involved in the process. The FE 2 statement also alleges that in at least two different quarterly business reviews (QBRs), Huang said that miners favored GeForce GPUs.
The same day, a group of 12 former SEC employees filed another amicus brief, albeit one dealing solely with legal issues. In addition, six briefs were filed by the American Association for Justice, the Anti-Fraud Coalition, civil rights researchers, institutional investors, weighting experts, and Brian T. Fitzpatrick, a scholar, author of The Conservative Class Action, and professor at Vanderbilt University School of Law. The company filed six briefs.
shares of NVIDIA are currently trading at $122.74, up 0.81% in the last 24 hours and 2.13% for the week. The stock is up 15.68% month-to-date and 154.73% year-to-date.
Read us at: Compass Investments