Supreme Court to Hear Nvidia Appeal on Crypto Sales Lawsuit

The U.S. Supreme Court has agreed to review Nvidia's appeal of a lower-court decision that revived a shareholder class-action lawsuit against the company. The lawsuit, originally filed in 2018, accuses Nvidia, CEO Jensen Huang, and CFO Colette Kress of securities fraud for allegedly misleading investors about the extent of revenue derived from cryptocurrency-related sales.

Initially dismissed by a district court in San Francisco in 2021, the Ninth Circuit Court of Appeals reinstated the case last August. The appeals court found merit in claims that Nvidia had understated over $1 billion in sales to crypto miners, leading shareholders to believe its exposure to the crypto market was smaller than actual.

Nvidia, declining to comment on the Supreme Court's decision, saw its shares rise slightly to $132.11 following the news. The stock has surged more than 160% year-to-date, reaching an all-time high earlier in the session.

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