Overview
- Judge Haywood S. Gilliam Jr. certified the class on Wednesday, allowing investors to pursue claims together in federal court.
- Plaintiffs say Nvidia hid more than $1 billion in sales to crypto miners by booking many GeForce GPU purchases as gaming revenue during 2017–2018, and some filings estimate about $1.7 billion in total crypto-linked sales.
- The court found Nvidia failed to show its statements had no price impact, citing an internal email in which a senior executive said the stock stayed high because of the company’s earlier comments.
- The class covers buyers of Nvidia stock from August 10, 2017 to November 15, 2018, a period that ended with disclosures about excess inventory after a crypto demand drop and a roughly 28.5% share slide over two sessions.
- A case management conference is set for April 21, following years of litigation that included a 2021 dismissal, a revived appeal, a failed Supreme Court bid by Nvidia, and a separate $5.5 million SEC penalty in 2022 over inadequate crypto-mining disclosures.