NVIDIA Faces Class Action After Court OKs $1 Billion Crypto-Mining Revenue Cl...
NVIDIA shares, NVDA, fell 7% on Thursday after a US federal judge allowed an investor lawsuit to proceed as a class action, reviving allegations that the company and CEO Jensen Huang concealed more than $1 billion in crypto-mining–related graphics card sales. NVIDIA Accused Of Hiding $1 Billion In Crypto Sales The suit, originally filed in 2018, contends that NVIDIA misled shareholders by attributing surging revenue to gaming demand while minimizing the substantial contribution from cryptocurrency miners. Plaintiffs maintain that the company funneled orders from miners through consumer....
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Nvidia is facing a certified class action over alleged under‑disclosure of crypto mining revenue. A Crypto Scandal Resurrects Just In Time For Holy Week After years of grueling legal back and forth between the giant gaming company and the American courts, a U.S. federal judge has certified a securities-fraud class action against Nvidia and CEO […]
Both Bitcoin and Nvidia saw major growth in 2020, but Bitcoin’s market cap wins today. Amid a meteoric bull run in the cryptocurrency market, Bitcoin (BTC) is overtaking another major American company in terms of market capitalization.As Bitcoin price briefly crossed the $18,000 threshold on Nov. 18, Bitcoin’s market cap surged above $336 billion, outstripping the market cap of Nvidia — one of the world’s most well-known manufacturers of graphics cards.On Nov. 17, Nvidia’s shares closed at $330.7 billion, according to data from Macro Trends. The close follows a significant decline from a....
The U.S. Securities and Exchange Commission (SEC) has charged Nvidia Corp. for failing to disclose that crypto mining significantly boosted its revenue. The company agreed to a cease-and-desist order and to pay a $5.5 million penalty. Nvidia Failed to Disclose That Crypto Mining Was a Significant Element of Its Material Revenue Growth The U.S. Securities and Exchange Commission (SEC) announced settled charges against technology company Nvidia Corporation Friday “for inadequate disclosures concerning the impact of cryptomining on the company’s gaming business.” The....
Top GPU manufacturer Nvidia is celebrating after a judge nixed the lawsuit accusing it of misleading investors by “understating” GPU sales to crypto miners. A three-year-old lawsuit accusing Nvidia of “misrepresenting $1 billion in sales” of crypto mining hardware during the 2017/2018 bull run came to a close on Mar. 2, with a California district court judge ruling in favor of the GPU manufacturer.The lawsuit alleged Nvidia misled investors by overstating demand from gamers as their primary sales audience. According to a summary of court documents by Law360, Judge Haywood Gilliam granted....
Nvidia's crypto mining product line sales are expected to decline to “very negligible” in the fourth quarter. Although digital currencies have skyrocketed in value throughout the year, Nvidia has not made any significant profits from its cryptocurrency mining processor (CMP) line.According to Nvidia's third fiscal quarter report, the company's CMP sales dropped by 60% sequentially in the most recent quarter, with sales of the product line expected to drop even further in the fourth quarter.In its quarterly financial statement, Nvidia said CMP sales fell from $266 million in the second....