Nvidia faces certified class action over crypto revenue disclosures
Nvidia and CEO Jensen Huang face a class action lawsuit alleging they concealed the impact of cryptocurrency mining on their gaming GPU revenue between 2017 and 2018.Summary
A federal judge has certified a class of investors who accuse Nvidia and its CEO, Jensen Huang, of downplaying the significant role cryptocurrency mining played in their gaming GPU revenue between 2017 and 2018. The lawsuit alleges Nvidia falsely characterized crypto-related revenue as minimal, when it actually accounted for nearly two-thirds of revenue in the Gaming segment. Following a November 2018 disclosure of a “sharp falloff in crypto demand,” Nvidia’s stock price dropped 28.5%. The Securities and Exchange Commission (SEC) previously fined Nvidia $5.5 million in 2022 for similar disclosure failures. While the certification doesn’t determine liability, it allows investors to collectively pursue their claims, with a case management conference scheduled for April 21, 2026.
(Source：The Block)