A class-action lawsuit has been brought against Nvidia, alleging that the company provided misleading information to investors regarding the amount of sales to crypto miners.
The United States Supreme Court rejected Nvidia’s appeal to dismiss the case, with a brief order issued on December 11.
This decision effectively upholds the ruling of an appellate court, which had revived the lawsuit after it was originally dismissed by a California district court in March 2021.
Nvidia had sought to overturn the Ninth Circuit appeals court ruling from August 2020, which revived a 2018 suit filed by a group of Nvidia shareholders.
The suit claims that the company concealed over $1 billion in graphics processing unit (GPU) sales to crypto miners and that CEO Jensen Huang downplayed the significance of these sales to the industry.