Nvidia is back in court over whether a significant chunk of its revenue through 2017 and 2018 was reliant on the whims of the cryptocurrency market. Specifically, a class action lawsuit has been given the green light by a U.S federal judge, reports Decrypt. This allows the plaintiffs to move forward with a case alleging Nvidia hid over $1 billion in cryptomining GPU revenue in its gaming segment, reporting over the period. Anyone who bought Nvidia stock between August 10, 2017, and November 15, 2018, is included in the class action.
Nvidia had already been raked over the legal coals and made to pay an SEC fine of $5.5m for not being clear about the scale of the income from its products used in the cryptomining business, back in 2022. After that, Nvidia continued to downplay the scale of GPU demand for crypto. But, pivotally, it hasn’t been able to back up its claims with documentary (accounting) evidence. That’s why Judge Haywood S. Gilliam Jr. certified this new class action on Wednesday in California federal court.
