Quick access to main page (top) Direct access to main contents Quick access to main page (bottom)

Lawsuit Against NVIDIA CEO Sent to the Supreme Court

Daniel Kim Views  

fnnews

The U.S. Supreme Court has decided to hear a lawsuit appealed by NVIDIA this October. NVIDIA, a major beneficiary of the artificial intelligence (AI) boom, appealed a class-action lawsuit brought by shareholders.

On the 17, CNBC reported that the U.S. Supreme Court has accepted NVIDIA’s appeal against a class-action lawsuit filed by shareholders against NVIDIA’s CEO Jensen Huang, and NVIDIA.

This lawsuit was led by investment management company E. Öhman J:or Fonder AB, headquartered in Stockholm, Sweden. The lawsuit seeks financial damages from NVIDIA.

The investment management company filed a lawsuit against NVIDIA and the company’s senior executives, claiming that NVIDIA had violated securities trading laws by falsely disclosing that a significant portion of its revenue in 2017 and 2018 came from the purchase of cryptocurrency.

U.S. District Judge Haywood Gilliam Jr. dismissed this lawsuit in 2021. However, the 9th U.S. Circuit Court of Appeals, located in San Francisco, issued a decision allowing the lawsuit. The appellate court allowed the lawsuit, stating that Huang made intentionally misleading or potentially confusing statements.

NVIDIA immediately appealed to the Supreme Court, stating that the appellate court’s decision would encourage the abuse of speculative lawsuits. The Supreme Court is scheduled to hear NVIDIA’s lawsuit in October.

Previously, in 2022, NVIDIA agreed to pay $5.5 million to the U.S. Securities and Exchange Commission (SEC) on charges of not properly disclosing the impact of virtual asset mining on the gaming industry. At that time, NVIDIA neither admitted nor denied the allegations raised by the SEC, agreeing to pay $5.5 million.

Meanwhile, the Technology Sector SPDR Select Sector Fund (ticker symbol XLK), a representative exchange-traded fund (ETF) investing in S&P 500 technology companies in the U.S. stock market, has decided to increase its investment weight in NVIDIA from the previous 6% to 21% through regular asset rebalancing. This means purchasing more than $10 billion worth of Nvidia shares compared to the current amount.

fnnews
Daniel Kim
content@viewusglobal.com

Comments0

300

Comments0

[BUSINESS] Latest Stories

  • Delta Air Lines Faces U.S. Investigation Over Mass Flight Cancellations
  • Trump’s Return Could Crush South Korean Steel Industry: Here’s Why
  • Tesla's Humanoid Robot to Transform Industries by 2026
  • What Biden's Exit Means for Bitcoin: A $100K Dream?
  • Tesla Cybertruck Outsells Ford F-150 Lightning in May
  • U.S. vs. China: How Biden's New Rule Crashed the NASDAQ

Weekly Best Articles

  • Apple’s Foldable iPhone: Coming Next Year or Just a Dream?
  • Teen Set on Fire by Classmates For Speaking Indigenous Language in Mexico
  • Will Trump and Kim Jong Un Sit Down Again? North Korea Says It’s Up to U.S. Actions
  • Leidos Hit by Major Hack: Sensitive U.S. Government Documents Leaked
  • China Cracks Down: Teachers and Students Forced to Hand Over Passports
  • Ex-North Korean Diplomat Reveals Why So Many Officials Were Trying to Escape
  • Delta Air Lines Faces U.S. Investigation Over Mass Flight Cancellations
  • Secret Service Chief Resigns After Trump Shooting Incident
  • McDonald’s Extends $5 Meal Deal to Beat Inflation Blues
  • Trump and DeChambeau Break Records and Donate Big: The Golf Match Everyone’s Talking About
  • Kamala Harris Leads Trump in Latest Poll: Is She the New Democratic Darling?
  • China Pushes for a No-First-Use Policy on Nuclear Weapons – Targeting U.S. and Allies?

You May Also Like

  • 1
    New Nasal Spray Shows Promise in Alzheimer’s Treatment

    LIFESTYLE 

  • 2
    China Braces for Chaos: Xi Jinping Warns of 'Black Swan' and 'Gray Rhino' Risks

    ASIA 

  • 3
    New York Says No to Whipped Cream for Teens: What You Need to Know!

    LIFESTYLE 

  • 4
    Shuttlecock Prices Skyrocket: Is Badminton Now a Sport for the Rich?

    hotclick 

  • 5
    Indian Social Media Influencer Dies After Falling 300 Feet While Filming Instagram Video

    ASIA 

Popular Now

  • 1
    Lonely Deaths Hit Younger Generation Hard: Why Are We Seeing a Surge in Tragic Outcomes

    ASIA 

  • 2
    Is Kamala Harris Ready to Break Barriers in the 2024 Election?

    WORLD 

  • 3
    Chinese Media Reacts to Biden's Dropout: 'The Real Fight is Coming!'

    LATEST 

  • 4
    China's Silence on Biden's Exit: What Are They Really Thinking?

    LATEST 

  • 5
    U.S., South Korea, and Japan Forge New Defense Agreements!

    LATEST 

Weekly Best Articles

  • Apple’s Foldable iPhone: Coming Next Year or Just a Dream?
  • Teen Set on Fire by Classmates For Speaking Indigenous Language in Mexico
  • Will Trump and Kim Jong Un Sit Down Again? North Korea Says It’s Up to U.S. Actions
  • Leidos Hit by Major Hack: Sensitive U.S. Government Documents Leaked
  • China Cracks Down: Teachers and Students Forced to Hand Over Passports
  • Ex-North Korean Diplomat Reveals Why So Many Officials Were Trying to Escape
  • Delta Air Lines Faces U.S. Investigation Over Mass Flight Cancellations
  • Secret Service Chief Resigns After Trump Shooting Incident
  • McDonald’s Extends $5 Meal Deal to Beat Inflation Blues
  • Trump and DeChambeau Break Records and Donate Big: The Golf Match Everyone’s Talking About
  • Kamala Harris Leads Trump in Latest Poll: Is She the New Democratic Darling?
  • China Pushes for a No-First-Use Policy on Nuclear Weapons – Targeting U.S. and Allies?

Must-Reads

  • 1
    New Nasal Spray Shows Promise in Alzheimer’s Treatment

    LIFESTYLE 

  • 2
    China Braces for Chaos: Xi Jinping Warns of 'Black Swan' and 'Gray Rhino' Risks

    ASIA 

  • 3
    New York Says No to Whipped Cream for Teens: What You Need to Know!

    LIFESTYLE 

  • 4
    Shuttlecock Prices Skyrocket: Is Badminton Now a Sport for the Rich?

    hotclick 

  • 5
    Indian Social Media Influencer Dies After Falling 300 Feet While Filming Instagram Video

    ASIA 

Popular Now

  • 1
    Lonely Deaths Hit Younger Generation Hard: Why Are We Seeing a Surge in Tragic Outcomes

    ASIA 

  • 2
    Is Kamala Harris Ready to Break Barriers in the 2024 Election?

    WORLD 

  • 3
    Chinese Media Reacts to Biden's Dropout: 'The Real Fight is Coming!'

    LATEST 

  • 4
    China's Silence on Biden's Exit: What Are They Really Thinking?

    LATEST 

  • 5
    U.S., South Korea, and Japan Forge New Defense Agreements!

    LATEST 

Share it on...