Cryptocurrency News

Nvidia Misled Investors About Revenue From Crypto Mining – Court Notice.

A California federal district court dismissed claims that Nvidia misled investors about revenue from crypto asset mining.

Some Nvidia investors alleged that the graphics processing unit firm’s statements were false or misleading regarding what proportion of revenue growth was due to sales associated with crypto asset mining.

The 3-year-old lawsuit claimed Nvidia misrepresented $1 Bln in revenue from sales to crypto asset miners.

But the district court ruled insufficient proof was offered to point out the firm misled investors. Consistent with court documents, the court added that the “allegations don’t plausibly suggest that Defendants acted with a minimum of deliberate or conscious recklessness.”

The court dismissed the case given the insufficient proof even after investors were earlier given the opportunity to feature additional evidence of misleading or false statements.

“Plaintiffs largely reiterate their earlier arguments,” the court added. “The Court’s earlier ruling – that it’s not sufficient to allege that gaming was Defendants’ core business – stands.”

Within its Q4 earnings, Nvidia attributed 2%-6% of its quarterly revenue to crypto asset miners, as per an official reporting, which is called a “relatively small portion” of its total $5 Bln in revenue.

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