US Supreme Court allows a shareholder lawsuit to continue after granting bail in the NVIDIA case
US Supreme Court grants bail in the NVIDIA case, permitting a shareholder lawsuit to move forward. The technical details of the hearing seemed to overwhelm the justices.
The NVIDIA case that the US Supreme Court had previously agreed to hear was dismissed as improvidently granted. The ruling permits the majority of the shareholder lawsuit against the chip manufacturer to move forward, as quoted in a report by Engadget.
A pension fund and an investment firm filed the lawsuit against NVIDIA, alleging the company misled investors about its dependence on the cryptocurrency mining sector. The lawsuit alleges that before a 2018 crash that caused the chip maker's stock prices to plummet, NVIDIA concealed its reliance on the market.
The court seemed unwilling to hear the case's intricate technical details, as evidenced by its unanimous dismissal. The ruling simply stated that the writ of certiorari is dismissed as improvidently granted.
The same language was used in a strikingly similar dismissal in a case the Supreme Court heard last month against Meta, which also accused the company of misleading investors.
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