US judge approves NVIDIA $1B crypto-mining class action, stock falls 7%
US judge certifies investor class action against NVIDIA over alleged undisclosed crypto‑mining GPU sales. The 2018 case moves forward.
Plaintiffs say NVIDIA routed miner orders through GeForce gaming cards, masking crypto demand as gaming. Internal testimony and records detail tracking of miner purchases and executive discussions of crypto’s impact on revenue court filing.
Independent analyses in the case estimate $1.1–$1.35 billion in crypto‑related GPU revenue went unreported under dedicated crypto lines court filing.
Judge Haywood S. Gilliam Jr. granted class certification after NVIDIA failed to show its statements had no price impact court filing.
When crypto prices collapsed in late 2018 and miner demand fell, NVIDIA cut guidance and the stock dropped over two sessions, triggering the suit court filing.
Regulators previously fined NVIDIA $5.5 million in 2022 over related disclosure failings and issued a cease‑and‑desist order Forbes on SEC action.
- Alleged hidden crypto revenue 2017–2018 estimated at $1.1–$1.35B court filing
- Claims center on GeForce channeling vs OEM crypto SKUs court filing
- Class action now certified in N.D. Cal. court filing
- Prior SEC penalty $5.5M in 2022 Forbes on SEC action
