{"id":33487,"date":"2024-12-12T14:00:07","date_gmt":"2024-12-12T11:00:07","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=33487"},"modified":"2024-12-12T12:07:32","modified_gmt":"2024-12-12T09:07:32","slug":"nvidias-crypto-mining-lawsuit-rekindled","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/nvidias-crypto-mining-lawsuit-rekindled\/","title":{"rendered":"Nvidia’s Crypto Mining Lawsuit Rekindled!"},"content":{"rendered":"

Nvidia is facing a class-action lawsuit filed by investors who claim the company misrepresented its GPU sales to crypto miners<\/strong>. The US Supreme Court<\/strong> rejected Nvidia\u2019s appeal to dismiss the case, effectively reinstating the decision of the Ninth Circuit Court of Appeals<\/strong> that revived the lawsuit.<\/p>\n

Court Ruling and Legal Process<\/strong> On December 11<\/strong>, the Supreme Court<\/strong> issued a brief order, rejecting Nvidia’s appeal without providing a reason. This decision upheld the Ninth Circuit\u2019s<\/strong> ruling, which reversed a lower court decision from March 2021<\/strong> that had initially dismissed the case.<\/p>\n

Nvidia was aiming to overturn the Ninth Circuit Court of Appeals<\/strong> ruling from August 2023<\/strong>, which revived a lawsuit filed by Nvidia shareholders in 2018<\/strong>. The lawsuit claims that Nvidia hid over $1 billion<\/strong> in GPU<\/strong> sales to crypto miners<\/strong> and that CEO Jensen Huang<\/strong> downplayed the volume of these sales.<\/p>\n

<\/p>\n

A spokesperson for Nvidia told:\u00a0 \u201cWe would have preferred a decision affirming the trial court\u2019s dismissal of the case, but we are fully prepared to continue our defense. Consistent and predictable standards<\/strong> in securities litigation<\/strong> are essential to protecting shareholders and ensuring a strong economy, and we remain committed to supporting them.\u201d<\/em><\/p>\n

\n

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!<\/a><\/em><\/strong><\/p>\n

\n

Shareholder Claims and Evidence<\/strong> The lawsuit argues that a significant portion of Nvidia\u2019s GPU<\/strong> sales was driven by sales to crypto miners<\/strong>. It points to the decline in sales<\/strong> at the end of 2018<\/strong>, when the crypto market<\/strong> collapsed, causing Nvidia\u2019s stock price<\/strong> to drop nearly 30%<\/strong> in just two days.<\/p>\n

In October<\/strong>, the Department of Justice<\/strong> and the Securities and Exchange Commission (SEC)<\/strong> supported the case, stating that Nvidia\u2019s argument was based on false information<\/strong>. The agencies highlighted the shareholders\u2019 case<\/strong>, which includes evidence such as statements from former Nvidia executives and a Bank of Canada report<\/strong> alleging that Nvidia understated its cryptocurrency<\/strong> revenue by $1.35 billion<\/strong>.<\/p>\n

Nvidia\u2019s Previous SEC Payment<\/strong> In 2022<\/strong>, Nvidia paid $5.5 million<\/strong> to the SEC<\/strong> to settle charges related to its insufficient disclosure of the impact of crypto mining<\/strong> on its gaming business. The company neither admitted nor denied the SEC\u2019s findings, but this payment raised concerns about Nvidia\u2019s past transparency<\/strong> issues.<\/p>\n

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You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0Telegram,\u00a0<\/strong><\/a>YouTube<\/strong><\/a>,\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0channels for the latest\u00a0news<\/a>\u00a0and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Nvidia is facing a class-action lawsuit filed by investors who claim the company misrepresented its GPU sales to crypto miners. The US Supreme Court rejected Nvidia\u2019s appeal to dismiss the case, effectively reinstating the decision of the Ninth Circuit Court of Appeals that revived the lawsuit. Court Ruling and Legal Process On December 11, the<\/p>\n","protected":false},"author":28,"featured_media":30448,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,10,657,2],"tags":[192,6615,10034,3938,5686,5715,4432,39,10035,5928,10033],"class_list":["post-33487","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-economy-news","category-en","category-news","tag-blockchain","tag-class-action-lawsuit","tag-crypto-lawsuits","tag-crypto-mining","tag-department-of-justice","tag-gpu","tag-nvidia","tag-sec","tag-securities-regulations","tag-stock-price","tag-us-supreme-court"],"yoast_head":"\nNvidia's Crypto Mining Lawsuit Rekindled! - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/nvidias-crypto-mining-lawsuit-rekindled\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nvidia's Crypto Mining Lawsuit Rekindled! - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Nvidia is facing a class-action lawsuit filed by investors who claim the company misrepresented its GPU sales to crypto miners. 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