TechFlow news — On December 12, according to IT Home, the U.S. Supreme Court rejected NVIDIA's appeal request regarding a shareholder class-action lawsuit, allowing the case to proceed in lower courts. The lawsuits, originating in 2018, accuse NVIDIA of misleading investors about the impact of the cryptocurrency market on its sales performance. Investors allege that NVIDIA and its executives made materially false statements, deliberately downplaying the effect of cryptocurrency market volatility on the company's revenue growth while overstating its ability to adapt to market changes.
In 2022, NVIDIA reached a $5.5 million settlement with the U.S. Securities and Exchange Commission (SEC) over allegations of concealing the connection between its financial performance and cryptocurrency market fluctuations, though the company did not admit to any wrongdoing. NVIDIA spokesperson John Rizzo stated that while the company had hoped the initial dismissal would be upheld, it is fully prepared to continue defending the case.
Previous reports indicate that NVIDIA is currently also facing antitrust investigations by Chinese regulators and the U.S. Department of Justice.
