nvidia -- crypto revenue misrepresentation

case overview

a long-running securities class action alleges nvidia understated its reliance on volatile cryptocurrency mining revenue in 2017-2018, attributing growth to gaming demand instead. the case survived a u.s. supreme court review and is now back in district court for discovery.

Case	E. Ohman J:or Fonder AB v. NVIDIA Corporation
Court	U.S. District Court, Northern District of California (on remand)
Filed	2018
Class Period	2017-2018
Lead Counsel	Bernstein Litowitz Berger & Grossmann LLP
Estimated Damages	potentially exceeding $1 billion
Status	Active — class certified (approximately March 25, 2026)

procedural history

2018: original complaint filed
2022: nvidia paid $5.5 million sec settlement for inadequate crypto disclosure
august 2023: ninth circuit reversed district court dismissal
june 2024: u.s. supreme court granted certiorari
november 2024: supreme court heard oral arguments
december 11, 2024: supreme court dismissed as “improvidently granted” (per curiam), leaving ninth circuit decision standing — an exceedingly rare outcome
february 2025: case remanded to district court for discovery

note on ai/data center relevance

this case does not directly relate to nvidia’s ai data center business. however, it establishes important precedent for how gpu companies must disclose revenue composition by end market. a separate pre-litigation investigation (see nvidia china export controls investigation) relates to ai chip exports.

update: class certified

beyond the remand this page describes, the district court issued a class-certification order around march 25, 2026, certifying the shareholder class and rejecting the defendants’ attempt to rebut the fraud-on-the-market presumption.

sources

last updated: august 24, 2026 — docket posture last checked august 24, 2026