Nvidia now faces a certified investor class in a long-running securities case tied to the 2017-2018 crypto mining boom.
Summary
- Judge certified investors as a class in Nvidia’s lawsuit over crypto-linked gaming revenue disclosures today.
- Nvidia faces claims it misled shareholders about mining-driven GPU sales during the 2017 boom period.
- The case now moves forward after courts let investors pursue the securities claims together formally.
A California federal judge ruled on March 25 that shareholders who bought Nvidia stock during a defined period can pursue their claims together, while the case moves into its next stage.
US District Judge Haywood S. Gilliam Jr. certified a class covering investors who acquired Nvidia common stock from August 10, 2017, through November 15, 2018. The ruling focused on whether the alleged statements may have affected Nvidia’s share price, which is a key issue in class certification.
The order does not decide whether Nvidia or Chief Executive Jensen Huang committed fraud. It allows investors to press the case together instead of filing separate lawsuits.
Investors allege that Nvidia and Huang misled the market about how much gaming revenue came from GPU sales tied to cryptocurrency miners. Current reporting says the plaintiffs claim Nvidia concealed more than $1 billion in crypto-related GPU sales during that period.
The complaint links the case to two market reactions in 2018. Court filings cited in the Supreme Court record say Nvidia stock fell 4.9% after the company’s August 16, 2018 earnings update, and then dropped 28.5% over two trading days after its November 15, 2018 revenue warning.
Moreover, the dispute has already survived several legal tests. In December 2024, the US Supreme Court dismissed Nvidia’s appeal and left in place a lower court ruling that allowed the shareholder suit to continue.
The case also follows Nvidia’s 2022 settlement with the US Securities and Exchange Commission. The SEC said Nvidia failed to give investors proper disclosure about the effect of cryptomining on its gaming business, and the company agreed to a cease-and-desist order and a $5.5 million penalty without admitting or denying the findings.
Nvidia prepares for the next stage
Nvidia has continued to reject the claims. After the Supreme Court decision in 2024, a company spokesperson said Nvidia was “fully prepared to continue our defense,” while maintaining that clear standards in securities litigation matter for shareholders and the market.
The court has scheduled a case conference for April 21, 2026, as the lawsuit moves forward after class certification. With that step complete, the case now shifts from the fight over procedure to the evidence that investors and Nvidia will present in court.
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