Nvidia Fights Crypto Fraud Lawsuit in Court

0:00It's April 24th. From your city to your ears, this is Canada News Today, powered by AI, I'm Cory with the story. Nvidia's spacing a long-running securities fraud lawsuit from investors who claim the company downplayed its heavy reliance on crypto-mining revenue. Back in 2017 and 2018, a federal judge just certified the class action last month, green lighting a potential massive payout fight. But Nvidia's not waiting around. They've asked the 9th US Circuit Court of Appeals to jump in early and reverse that decision. The drama kicked off when crypto prices tanked, slamming demand for Nvidia's chips used in mining. In November 2018, the company missed revenue targets by 2% and shares dropped nearly 30% in two days. Plantus argue, Nvidia's bosses, including CEO Jensen Huang, misled folks on how big crypto really was in their books. This case has bounced through courts for almost 8 years, dismissed once, revived by appeals

1:00judges, even hit the Supreme Court which sent it back. Down. Lawyers on both sides are dug in, with Nvidia saying the judge botched Supreme Court rules on whether their statements even moved the stock price. Nvidia's pushing two big issues, proving any real price impact from alleged lies, enforcing plaintiffs to nail down a damages model right now at certification. They've got heavy backup from the US Chamber of Commerce and other business giants, plus similar fights brewing in other circuits like against. Boeing. Meanwhile, the trial judge is locking in timelines, telling both sides to estimate how long it'll drag. If the 9th Circuit bites on the appeal, it could derail the whole class and hand in Nvidia a win before things heat up in court.