{"id":11158,"date":"2023-10-08T13:13:14","date_gmt":"2023-10-08T13:13:14","guid":{"rendered":"https:\/\/www.ktmc.com\/featured-case\/nvidia-corporation\/"},"modified":"2026-06-08T11:55:04","modified_gmt":"2026-06-08T11:55:04","slug":"nvidia-corporation","status":"publish","type":"current_case","link":"https:\/\/www.ktmc.com\/featured-case\/nvidia-corporation\/","title":{"rendered":"NVIDIA Corporation"},"content":{"rendered":"<p style=\"text-align: justify;\">This securities fraud class action brings claims against NVIDIA, the world\u2019s largest maker of graphic processing units (GPUs), and its Chief Executive Officer Jensen Huang. The case arises out of Defendants\u2019 efforts to fraudulently conceal the extent of NVIDIA\u2019s reliance on GPU sales to cryptocurrency miners. Led by \u00d6hman Fonder, one of Sweden\u2019s largest institutional investors, the suit alleges that in 2017 and 2018, NVIDIA\u2019s revenues skyrocketed when it sold a record number of GPUs to crypto miners. Plaintiffs allege that during this period, NVIDIA\u2019s sales to crypto miners outpaced its sales to the company\u2019s traditional customer base of video gamers. Yet Defendants misrepresented the true extent of NVIDIA\u2019s cryptocurrency-related sales, enabling the company to disguise the degree to which its growth was dependent on the notoriously volatile demand for crypto.<\/p>\n<p style=\"text-align: justify;\">Following the price collapse of Etherium, a leading digital token, in late 2018, investors began to learn of NVIDIA\u2019s true dependence on sales to crypto miners. This culminated on November 15, 2018, when NVIDIA announced it was only expecting $2.7 billion in fourth quarter revenues (a 7% decline year-over-year) which it attributed to a \u201csharp falloff in crypto demand.\u201d Market commentators expressed shock at the company\u2019s about-face, and NVIDIA\u2019s stock price fell precipitously, damaging investors by billions of dollars in market losses.<\/p>\n<p style=\"text-align: justify;\">The action was filed in June 2019 on behalf of a putative class of investors alleging that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. After the District Court dismissed the complaint, Plaintiffs successfully appealed the dismissal to the U.S. Court of Appeals for the Ninth Circuit. On August 25, 2023, in a published decision, the Ninth Circuit reversed, holding that Plaintiffs had sufficiently alleged that Defendants \u201cmade materially false or misleading statements about the company\u2019s exposure to crypto, leading investors and analysts to believe that NVIDIA\u2019s crypto-related revenues were much smaller than they actually were.\u201d The Ninth Circuit further held that the complaint sufficiently alleged that Defendants knew or were at least deliberately reckless as to the falsity of their statements.<\/p>\n<p>Defendants filed a petition for a writ of certiorari to the U.S. Supreme Court challenging the Ninth\u2019s Circuit\u2019s decision. The Supreme Court granted the petition on June 17, 2024. Following extensive briefing and oral argument, on December 11, 2024, the Supreme Court dismissed the writ of certiorari as improvidently granted, paving the way for Plaintiffs to enter discovery and prosecute their case against Defendants before the District Court.<\/p>\n<p>Plaintiffs subsequently filed a motion for class certification, which is fully briefed and was argued before the Court in November. \u00a0Fact discovery is ongoing.<\/p>\n<p style=\"text-align: justify;\"><strong><a href=\"https:\/\/www.ktmc.com\/wp-content\/uploads\/2023\/10\/2023-08-2520Ninth20Circuit20Opinion.pdf\"><span style=\"color: #0066ff;\">Read the Ninth Circuit Opinion Here<\/span><\/a><\/strong><\/p>\n<p style=\"text-align: justify;\"><strong><a href=\"https:\/\/www.ktmc.com\/wp-content\/uploads\/2023\/10\/2024-12-1120SCOTUS20DIG.pdf\"><span style=\"color: #0066ff;\">Read the Supreme Court Decision Here<\/span><\/a><\/strong><\/p>\n","protected":false},"featured_media":0,"template":"","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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