{"id":1507733,"date":"2024-12-13T12:45:00","date_gmt":"2024-12-13T17:45:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1507733"},"modified":"2024-12-13T12:45:00","modified_gmt":"2024-12-13T17:45:00","slug":"us-supreme-court-bucks-nvidias-appeal-to-dismiss-crypto-class-action-suit","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/us-supreme-court-bucks-nvidias-appeal-to-dismiss-crypto-class-action-suit\/1507733\/","title":{"rendered":"US Supreme Court Bucks Nvidia’s Appeal To Dismiss Crypto Class-Action Suit"},"content":{"rendered":"

US Supreme Court Bucks Nvidia’s Appeal To Dismiss Crypto Class-Action Suit<\/span><\/p>\n

\n

Authored by Jesse Coghlan via CoinTelegraph.com,<\/em><\/a><\/p>\n

Nvidia faces a class-action suit alleging it misled investors about the volume of sales to crypto miners after the United States Supreme Court dismissed the chip maker\u2019s appeal to throw it out.<\/strong><\/p>\n

<\/a><\/p>\n

The justices issued a one-line\u00a0order<\/a>\u00a0on Dec. 11, dismissing Nvidia\u2019s appeal without providing any explanation. The decision effectively reinstated an appellate court ruling that revived the lawsuit, initially dismissed by a California district court in March 2021.<\/p>\n

Nvidia was looking to overturn the Ninth Circuit appeals court ruling from last August that revived the\u00a02018 suit<\/a>\u00a0by a group of Nvidia shareholders claiming the firm hid over $1 billion in GPU sales made to crypto\u00a0miners<\/a>\u00a0and that CEO Jensen Huang downplayed the volume of sales to the industry.<\/strong><\/p>\n

\u201cWe would have preferred a decision on the merits affirming the trial court\u2019s dismissal of the case, but we are fully prepared to continue our defense,\u201d an Nvidia spokesperson told Cointelegraph.\u00a0<\/em><\/p>\n

\u201cConsistent and predictable standards in securities litigation are essential to protecting shareholders and ensuring a strong economy, and we remain committed to supporting them.\u201d<\/em><\/p>\n

<\/a><\/p>\n

The Supreme Court\u2019s order did not explain why it denied Nvidia\u2019s appeal. Source:\u00a0<\/em>Supreme Court of the United States<\/em><\/a><\/p>\n

In the suit, the shareholders alleged Nvdia\u2019s\u00a0GPU<\/a>\u00a0sales were propped up by selling to crypto miners,<\/strong> referencing a point in time when sales collapsed in line with the falling crypto market in late 2018, which sent Nvidia\u2019s share price tumbling nearly 30% over two days.<\/p>\n

Nvidia argued that the suit relied on fabricated information about its business and income. In October, the class group\u00a0got back-up<\/a>\u00a0from the Justice Department and the Securities and Exchange Commission, which said Nvidia\u2019s argument \u201cis not what occurred here.\u201d\u00a0<\/p>\n

The agencies highlighted the investors\u2019 case, which reportedly includes evidence such as statements from former Nvidia executives and a Bank of Canada report alleging that Nvidia understated its cryptocurrency revenue by $1.35 billion.<\/strong><\/p>\n

The Supreme Court\u2019s dismissal came after it heard\u00a0arguments<\/a>\u00a0on Nov. 13, when some of the justices questioned why the court agreed to hear the case and if it even presented an issue that would require a ruling.<\/p>\n

In 2022, Nvidia\u00a0paid $5.5 million<\/a>\u00a0to the SEC to settle charges that it inadequately disclosed the impact of crypto mining on its gaming business, without admitting or denying the agency\u2019s findings.<\/strong><\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nFri, 12\/13\/2024 – 07:45<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/markets\/us-supreme-court-bucks-nvidias-appeal-dismiss-crypto-class-action-suit<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

US Supreme Court Bucks Nvidia’s Appeal To Dismiss Crypto Class-Action Suit Authored by Jesse Coghlan via CoinTelegraph.com, Nvidia faces a class-action suit alleging it misled…<\/p>\n","protected":false},"author":0,"featured_media":1507734,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1507733","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1507733","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1507733"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1507733\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1507734"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1507733"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1507733"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1507733"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}