nvidia -- crypto revenue misrepresentation
published: February 22, 2026 •
on this page
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 (remanded from SCOTUS) |
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.
sources
- scotusblog: supreme court dismisses nvidia appeal
- bernstein litowitz: nvidia case page
- pbs: class-action suit against nvidia to proceed
last updated: february 22, 2026