Gate News reports that on March 26, U.S. Federal Judge Haywood S. Gilliam Jr. approved a class-action lawsuit against NVIDIA and its CEO Jensen Huang. The plaintiffs allege that NVIDIA concealed the extent of its dependence on gaming GPU revenue for crypto mining demand between 2017 and 2018. The court found that NVIDIA failed to prove that its statements regarding crypto mining revenue did not impact the stock price, thus allowing the lawsuit to proceed as a class action. The plaintiffs claim that NVIDIA included over $1 billion in mining-related GPU sales into its gaming business segment, deliberately downplaying the scale of crypto mining demand, which led investors to underestimate the company’s exposure to risks from crypto market cycle fluctuations. Previously, the U.S. Securities and Exchange Commission (SEC) fined NVIDIA $5.5 million in 2022 for disclosure violations.
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