The US Supreme Court has dismissed Nvidia’s appeal in a securities fraud lawsuit filed by shareholders. The case accuses Nvidia of misleading investors about the impact of cryptocurrency sales on its revenue growth. The justices declined to intervene in the legal dispute, leaving the lower court’s decision intact, allowing the 2018 class action to proceed.
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The lawsuit alleges Nvidia downplayed the role of crypto-related purchases in its revenue, which became apparent when the company’s stock price fell after a decline in crypto profitability. Nvidia had previously settled charges in 2022 for not properly disclosing the impact of cryptomining on its gaming business.
The decision marks a victory for corporate accountability, according to shareholder representatives. Nvidia has expressed its intention to continue defending itself.
