U.S. Supreme Court Dismisses NVIDIA's Appeal on Concealing Cryptocurrency Mining Revenue
Summary
- The U.S. Supreme Court reportedly dismissed NVIDIA's appeal regarding allegations of concealing cryptocurrency mining revenue.
- NVIDIA shareholders claim that NVIDIA hid cryptocurrency mining revenue and concealed important information related to stock price volatility.
- NVIDIA's flagship product, GeForce, is a graphics processing unit used for cryptocurrency mining, and it reportedly experienced significant stock price declines during the 2018 market crash.
There is a possibility that a lawsuit regarding NVIDIA's alleged concealment of cryptocurrency mining revenue may proceed. This comes as the U.S. Supreme Court dismissed NVIDIA's appeal.
According to Bloomberg on the 11th (local time), the Supreme Court dismissed NVIDIA's appeal. The specific reasons for the dismissal were not disclosed.
NVIDIA shareholders and NVIDIA have been engaged in legal battles since 2019. Shareholders claim that NVIDIA concealed cryptocurrency mining revenue, hiding important facts related to the volatility of NVIDIA's stock price. NVIDIA's flagship product, GeForce, is a graphics processing unit (GPU) frequently used for cryptocurrency mining.
In fact, NVIDIA experienced a stock price decline of about 28% over two days during the cryptocurrency market crash in 2018.
On the other hand, NVIDIA argues that the shareholder lawsuit lacks specificity.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
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