Nvidia faces class action lawsuit for concealing crypto mining revenue

According to market news, a U.S. federal judge has approved the certification of a securities fraud class action lawsuit against Nvidia and its CEO Huang Renxun. Investors accused Nvidia of concealing the true scale of game GPU revenue related to crypto mining between 2017 and 2018, and internal company emails showed that executives believed Nvidia's stock "remained high due to relevant statements." In November 2018, after Nvidia disclosed a decline in crypto-related sales, its share price fell approximately 28.5% in two trading days. The U.S. Securities and Exchange Commission fined Nvidia $5.5 million in 2022 for failing to disclose the impact of crypto mining on its business. The case was first filed in 2018 and was successfully appealed after being dismissed in 2021. After the Supreme Court rejected Nvidia's appeal, it is now proceeding as a class action lawsuit. The class action lawsuit covers investors who purchased Nvidia shares between August 10, 2017 and November 15, 2018, and a case meeting is scheduled to be held on April 21.