Court rejects Nvidia's appeal》Continued trial of securities fraud case for concealing "Miner's purchase of GPUs with over $1 billion in revenue"

The U.S. Supreme Court dismissed Nvidia's appeal, upholding the lower court's ruling allowing the 2018 investor class action to continue. The plaintiffs allege that Huida underestimated more than $1 billion in sales between 2017 and 2018 by failing to fully disclose revenue related to encryptionMining, resulting in losses to investors due to the encryption market crash. (Summary: Nvidia involved in "concealing Miner's purchase of GPUs" exceeded $1 billion in revenue, and the U.S. Department of Justice and SEC supported the class action lawsuit Huida) (Background supplement: The Sino-US chip war heats up!) China's launch of Huida's antitrust investigation, how much impact will it have on NVIDIA's performance? Artificial intelligence (AI) chip giant Nvidia was hit with a class-action lawsuit filed by investors in 2018, accusing it of undervaluing more than $1 billion in sales between 2017 and 2018 by failing to fully disclose revenue related to Cryptocurrency Mining from its GPU sales, causing investors to suffer losses after the decline in the cryptocurrency market. Investors claim that Huida and its executives made material false statements that downplayed the impact of the collapse of the cryptocurrency market on its revenue rise and exaggerated its ability to adapt to change. In response to this legal dispute, Huida appealed to the Supreme Court, hoping to end the securities fraud proceedings. U.S. Supreme Court rejects Huida's appeal Now, the U.S. Supreme Court has decided not to entertain Huida's appeal, upholding the lower court's decision to allow the lawsuit to continue. The plaintiffs will seek to substantiate their allegations that the company's disclosure to shareholders was inadequate and misleading, particularly with regard to the contribution of the Cryptocurrency Mining business to Huida's overall revenue. The decision comes after deliberations four weeks ago by justices, some of whom were skeptical about their appropriateness to express an opinion on the case, wondering whether it was more of a factual dispute than a question of law. Huida has argued that the lawsuit is too vague and should not enter the discovery stage of evidence presentation and review. In response, Huida spokesman John Rizzo said in a statement: "We originally hoped that the court would make a ruling based on the essence of the case and support the decision of the trial court to dismiss the case, but we are fully prepared to continue to defend our position." Maintaining consistency and predictability in securities litigation is an important cornerstone of protecting shareholders and maintaining economic stability, and we will continue to work to support these principles." In 2022, Huida reached a settlement with the SEC In addition to facing investor lawsuits, in 2022, the US Securities and Exchange Commission (SEC) also accused Huida of not fully disclosing the impact of Cryptocurrency Mining on its gaming business revenue. The SEC found that Huida failed to disclose the significant impact of Cryptocurrency Mining on its gaming GPU sales rise for two consecutive quarters in fiscal 2018, which resulted in investors not being able to fully understand the true state of the company's business. To resolve the charges, Huida agreed to pay a $5.5 million fine and accept a cease and desist order from the SEC. However, during the settlement process, Huida did not admit or deny the allegations. Huida under multinational antitrust investigation While achieving business success, Huida is also facing increasingly severe legal scrutiny. NVIDIA is currently under review by EU antitrust regulators, focusing on whether the company has unfair product bundling practices and potentially escalating the investigation to formal proceedings. In addition, China's State Administration for Market Regulation announced on the 9th that it has opened an investigation into Huida's suspected violation of the Anti-Monopoly Law. Related reports Huida Q3 revenue growth of nearly 100%, but after the market "once fell 5%" investors are not satisfied? NVIDIA earnings focus once Huida earnings report is coming! FedIntrerest Rate or inflation data, Wall Street forward-looking analysis and collation Huida cooperates with SoftBank to launch 3 major plans: the first AI+5G telecommunications network, the construction of Japan's most powerful supercomputer, AI market "Court rejects Huida's appeal" Nvidia concealed "Miner's purchase of GPUs for more than $1 billion in revenue" Securities fraud case resumed" This article was first published in BlockTempo's "Dynamic Trend - The Most Influential Block Chain News Media".