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Supreme Court Dismisses Nvidia ($NVDA) Appeal, Company Faces Shareholder Lawsuit Over Crypto-Mining Revenue

Dec 11, 2024, 03:06 PM

The U.S. Supreme Court has dismissed an appeal by Nvidia Corp. ($NVDA), leaving the company to face a securities fraud lawsuit brought by shareholders. The lawsuit accuses Nvidia of misleading investors about its reliance on cryptocurrency mining revenue, which contributed to a significant drop in its stock value. The case, known as Nvidia v. E. Öhman J:or Fonder, was dismissed without a decision on the merits, meaning the lower court's ruling stands, and Nvidia must proceed with the legal challenge. The 2018 lawsuit alleges that Nvidia's CEO Jensen Huang lied about the company's exposure to the volatile cryptocurrency market.