US Supreme Court hears Nvidia bid to avoid securities fraud suit
Live MintBy John Kruzel and Andrew Chung WASHINGTON -The U.S. Supreme Court began hearing arguments on Wednesday in Nvidia's bid to torpedo a securities fraud lawsuit accusing the artificial intelligence chipmaker of misleading investors about how much of its sales depended on the volatile cryptocurrency market. It is one of two cases to come before the Supreme Court this month that could lead to rulings making it harder for private litigants to hold companies to account for alleged securities fraud. At issue in the Nvidia case is whether the plaintiffs cleared the heightened legal bar for bringing private securities fraud suits as set by Congress in a 1995 federal law called the Private Securities Litigation Reform Act that aimed to screen out frivolous lawsuits. The plaintiffs accused Nvidia and its CEO Jensen Huang of violating a 1934 federal law called the Securities Exchange Act by making statements in 2017 and 2018 that falsely downplayed how much of Nvidia's revenue growth came from crypto-related purchases.
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