US Supreme Court rejects Nvidia’s appeal to dismiss shareholder’s securities fraud lawsuit

The US Supreme Court has dismissed Nvidia’s appeal in a securities fraud lawsuit. This will allow the company’s shareholders to proceed with their case against the AI chipmaker. The lawsuit accuses Nvidia of misleading investors about its dependence on the cryptocurrency market. The court declined to intervene in the legal dispute, leaving a lower court’s ruling in place that permitted the 2018 class action lawsuit to move forward.
The lawsuit focuses on whether Nvidia violated the Private Securities Litigation Reform Act, a 1995 law aimed at preventing frivolous lawsuits. The Supreme Court’s dismissal came without explanation, the report noted.