PANews reported on December 12 that the U.S. Supreme Court recently rejected NVIDIA's appeal regarding 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 lower courts.
The case originates from two investor lawsuits in 2018, accusing NVIDIA of irresponsibly misleading investors about 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 overstating its ability to adapt to market changes. Previously, an appellate court allowed at least part of the consolidated 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 turbulent cryptocurrency market. In the settlement agreement, NVIDIA did not admit to any wrongdoing.