Impact

Nvidia Corporation is facing a class-action lawsuit from investors who claim that the company understated the impact of cryptocurrency mining on its revenues in 2017 and 2018. This allegedly led to artificially inflated stock prices, causing significant losses for investors after the crypto market downturn.
According to the lawsuit, Nvidia failed to disclose that up to $1.1 billion in <a href="https://ultramining.com/news/en/kaspa-takes-the-lead-in-gpu-mining-sets-sights-on-transforming-pow-landscape/" rel="noopener noreferrer nofollow">GPU</a> sales were linked to <a href="https://ultramining.com/news/en/cryptocurrency-miners-strike-gold-with-record-13-9b-net-profit/" rel="noopener noreferrer nofollow">cryptocurrency miners</a>. Following the crypto market crash, sales plummeted, and the company's stock dropped by 30%.
The U.S. Securities and Exchange Commission (<a href="https://ultramining.com/news/en/bitcoin-mining-reshaping-landscape-amid-global-interest-surge/" rel="noopener noreferrer nofollow">SEC</a>) has already fined Nvidia $5.5 million for inadequate financial disclosures. Nvidia representatives deny the allegations and intend to defend their position in court.

Nvidia Accused of Concealing Impact of Crypto Mining on Company Revenues

Ultramining_Eng

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