Nvidia logo and sign on headquarters in Santa Clara, California. Credit: MichaelVi/Adobe StockSupreme Court allows investors' class action to proceed against microchip company Nvidia
California-based Nvidia paid $5.5 million in 2022 to settle SEC charges that it failed to disclose that cryptomining was a significant source of revenue growth from the sale of GPUs for gaming.
December 11, 2024 at 02:08 PM
3 minute read
What You Need to Know
- Nvidia allegedly misled investors about cryptomining.
- A Swedish group filed suit in 2018 after Nvidia's value fell on lower revenue
- A federal appeals court in San Francisco said the class action should proceed.
WASHINGTON (AP) — The Supreme Court is allowing a class-action lawsuit that accuses Nvidia of misleading investors about its past dependence on selling computer chips for the mining of volatile cryptocurrency to proceed.
The court's decision Wednesday comes the same week that China said it is investigating the the microchip company over suspected violations of Chinese anti-monopoly laws. The justices heard arguments four weeks ago in Nvidia's bid to shut down the lawsuit, then decided that they were wrong to take up the case in the first place. They dismissed the company's appeal, leaving in place an appellate ruling allowing the case to go forward.
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