Just In: Nvidia Crypto Lawsuit Advances As Supreme Court Rejects Appeal

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As a seasoned crypto investor with a decade of experience under my belt, I can’t help but feel a mix of amusement and concern upon hearing the Supreme Court dismiss Nvidia’s appeal in this class-action lawsuit. The tech giant’s alleged misleading tactics about its cryptocurrency mining reliance is a story that’s all too familiar in this wild west of digital assets.

In simpler terms, the highest court has given permission for a large group lawsuit against Nvidia to continue, alleging that the tech company deceived investors regarding their use of cryptocurrency mining. This decision rejects Nvidia’s attempt to overturn the case and allows it to be heard in lower courts.

Supreme Court Dismisses Nvidia’s Appeal

On Wednesday, the Supreme Court refused to intervene in a lawsuit filed by investors against Nvidia back in 2018. The suit claims that Nvidia understated its reliance on income from cryptocurrency mining, which later resulted in a substantial drop in their share price. After the profitability of cryptocurrencies decreased, there was a 28% decline in the company’s stock value, affecting Nvidia’s overall financial health significantly.

At first, the court trial ended with the dismissal of the lawsuit in a local court. But later on, the 9th U.S. Circuit Court of Appeals decided that the case needed to move forward.

Nvidia contends that the lawsuit did not fulfill the criteria established by the Private Securities Litigation Reform Act of 1995, designed to minimize frivolous lawsuits. The Supreme Court upheld the appellate court’s verdict without offering a rationale for dismissing the case.

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2024-12-11 20:49