Nvidia is accused of misleading investors regarding the impact of its sales on the cryptocurrency market, and the case will continue to be heard

ChainCatcher news, according to IT Home, the U.S. Supreme Court recently rejected Nvidia's appeal regarding a class action lawsuit from investors, which accused Nvidia of misleading shareholders about the impact of the cryptocurrency market on its sales. This means that the case will continue to be heard in lower courts.

The case stems from two investor lawsuits in 2018, which alleged that Nvidia misled investors irresponsibly regarding the correlation between revenue growth and cryptocurrency performance. Investors claimed that Nvidia and its executives made severely misleading statements, downplaying the impact of the volatile cryptocurrency market on its revenue growth and exaggerating its ability to adapt to market changes.

Previously, an appellate court allowed at least part of the consolidated case to proceed. Notably, in 2022, Nvidia reached a $5.5 million settlement with the U.S. Securities and Exchange Commission (SEC) for concealing the connection between its success and the turbulent cryptocurrency market. In this settlement, Nvidia did not admit to any wrongdoing.