Nvidia dealt blow as US Supreme Court drops shareholder suit
Live MintThe US Supreme Court dismissed an appeal by Nvidia Corp., leaving it to face a lawsuit that accuses the company of misleading shareholders about its reliance on crypto-mining revenue in the run-up to a market crash. The dismissal came four weeks after several justices questioned whether the case presented the type of broad legal issue that would warrant a Supreme Court ruling. The court last month dismissed an appeal by Meta Platforms Inc., leaving it to face accusations of misleading shareholders about the data-harvesting scandal involving political consulting firm Cambridge Analytica. The case centered on the protections Congress gave companies in the 1995 Private Securities Litigation Reform Act, which requires lawsuits to make key allegations “with particularity.” Crypto Sales The Nvidia shareholders say that in 2017 and 2018 Chief Executive Jensen Huang hid the fact that record revenue growth was being driven by mining-related sales of the company’s flagship GeForce GPU product, rather than by sales for gaming.
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