The Supreme Court dismissed IDIA's appeal without further explanation. The decision effectively affirmed the Court of Appeals' decision that reinstated the case, which had been dismissed by a California district court in March 2021.
The lawsuit was filed in 2018 by a group of NVIDIA shareholders, who alleged that NVIDIA had sold more than $1 billion in GPUs to cryptocurrency miners.
They claim that the company concealed the fact that it had acquired the cryptocurrency and that CEO Jensen Huang reduced sales to the cryptocurrency industry.
In an interview with Cointelegraph, an NVIDIA spokesperson said, "The lower court ruling that confirmed the dismissal of the case stands on the merits.
"We hope that the lawsuit will be upheld, but we are prepared to continue our defense," he said. "Consistent and predictable standards in securities litigation are essential to protect shareholders and sustain a strong economy."
"This is essential and we will continue to support it," he added. In the lawsuit, shareholders allege that NVIDIA's sales of GPUs are subsidized by sales to cryptocurrency miners, and
He noted that when the cryptocurrency market tanked and sales plummeted at the end of 2018, Nvidia's shares plummeted by nearly 30% in two days.
NVIDIA alleges that the lawsuit relies on expert opinions based on fabricated information about its business and revenues.
However, in October, the U.S. Department of Justice and the Securities and Exchange Commission (SEC) supported the plaintiffs' claims, stating that "NVIDIA's allegations are not what happened in this case."
The agencies presented evidence, including statements from NVIDIA's officers and Canadian bank reports, alleging that NVIDIA generated cryptocurrency revenues of $1.35 billion (approximately
The company claimed that it had under-reported sales by more than JPY 205.8 billion.
2024/12/12 17:55 KST
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