The SEC supports the U.S. Supreme Court's approval of a class action lawsuit accusing Nvidia of concealing cryptocurrency mining revenue
The Department of Justice and the Securities Exchange Commission (SEC) have told the U.S. Supreme Court that an investor class action lawsuit accusing Nvidia of misleading cryptocurrency miners in its sales should be approved. Nvidia has been in a legal battle with investor groups since 2018, and the case has now reached the U.S. Supreme Court.
In an Oct. 2 out-of-court opinion, Acting U.S. Attorney General Elizabeth Prelogar and SEC Senior Counsel Theodore Weiman argued that the lawsuit "provides sufficient detail" to allow it to survive the district court's dismissal, adding that the Supreme Court should give the green light to resume the lawsuit through the appellate court. "Valuable private litigation is an important addition to the criminal prosecution and civil enforcement actions of the Justice Department and SEC," the opinion added.