U.S. Supreme Court to Hear Nvidia's Bid to Dismiss Crypto-Mining Revenue Fraud Lawsuit

Jun 17, 2024, 01:50 PM

The U.S. Supreme Court has agreed to hear a case involving Nvidia, the artificial intelligence chipmaker, which seeks to dismiss a securities fraud lawsuit brought by shareholders. The lawsuit accuses Nvidia of misleading investors about the extent of its sales to the volatile cryptocurrency industry and its crypto-mining revenue. The Supreme Court's decision to take up this case could make it more difficult for shareholders to pursue securities fraud lawsuits in the future. Nvidia's appeal follows a lower court ruling that revived the proposed class action brought by shareholders in California, giving the high court a chance to weigh in on the pleading requirements needed to sustain a shareholder class action.