In a recent turn of events, the U.S. Supreme Court agreed to review Nvidia’s request to dismiss a securities fraud lawsuit, which alleges that Nvidia misled investors about its cryptocurrency-related sales.Following the request, on the 17th of June, the Supreme Court agreed to hear Nvidia’s bid to dismiss this lawsuit.
The court agreed to Nvidia’s request after a lower court revived a proposed class-action lawsuit by California shareholders against Nvidia and CEO Jensen Huang, seeking unspecified damages.
Allegedly, Nvidia’s omissions misled investors and analysts about the impact of crypto mining on its business. Following this, U.S. District Judge Haywood Gilliam Jr. dismissed the lawsuit in 2021, but the 9th U.S. Circuit Court of Appeals in San Francisco revived it with a 2-1 ruling.“False or misleading statements knowingly or recklessly.”Remarking on which, Nvidia appealed to the Supreme Court, arguing that the 9th Circuit’s decision could lead to,Despite the ongoing lawsuit, on the 18th of June, Nvidia’s shares rose by 3.5%, boosting its market value to about $3.34 trillion.
This remarkable achievement underscores investors’ confidence in Nvidia’s technological prowess despite accusations.
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