According to ChainCatcher news, as reported by IT Home, the U.S. Supreme Court recently rejected NVIDIA's appeal regarding a class action lawsuit from investors, which accused NVIDIA of misleading shareholders about the impact of the cryptocurrency market on its sales. This means the case will continue to be heard in lower courts.
The case stems from two investor lawsuits in 2018, accusing NVIDIA of irresponsibly misleading investors regarding the correlation between revenue growth and cryptocurrency performance. Investors claim that NVIDIA and its executives made seriously misleading statements, downplaying the impact of the turbulent cryptocurrency market on its revenue growth and exaggerating its ability to adapt to market changes.
Previously, an appellate court allowed at least part of the consolidated case to proceed. Notably, 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 turbulent cryptocurrency market. In that settlement, NVIDIA did not admit to any wrongdoing.
