📢Nvidia Faces Class Action Lawsuit from Shareholders for Concealing Cryptocurrency Revenue📊
According to the latest news from Fxstreet, American chip giant Nvidia is in big trouble in court. Accused of concealing the proportion of its revenue related to cryptocurrency, Nvidia is now facing a class action lawsuit from shareholders.
The U.S. Supreme Court recently rejected Nvidia's appeal, meaning that the lawsuit filed in 2018 will continue.
The case arises from shareholders believing that the company did not transparently disclose how much of its revenue came from the cryptocurrency market during 2017 and 2018. Shareholders pointed out that Nvidia's sales heavily relied on the volatility of the cryptocurrency market, but the company did not explicitly inform them of this, which is considered misleading to investors.
In 2021, a U.S. federal judge dismissed the lawsuit against Nvidia, but the U.S. Ninth Circuit Court of Appeals later overturned that ruling and reintroduced fraud allegations. Now, with the Supreme Court's decision, Nvidia must face this lawsuit.
This case is not just about Nvidia; it also reflects the increasingly complex relationship between the cryptocurrency industry and mainstream financial markets. As the cryptocurrency market matures, transparency and regulatory compliance have become increasingly important issues.
💬What do you think about Nvidia's lawsuit? How do you think this lawsuit will impact Nvidia and the entire cryptocurrency market? Leave your opinions and thoughts in the comments!
