An American global chipmaker lost its bid to stop a 2018 class action lawsuit against it after the higher court dismissed its appeal. Nvidia lost its legal battle to dismiss a cryptocurrency fraud case filed by shareholders after the US Supreme Court ruled that it would no longer entertain the appeal of the chipmaker.

Appeal Denied

The US Supreme Court announced that it will no longer entertain the appeal sought by American chipmaker Nvidia regarding its securities fraud lawsuit.

Consequently, the Supreme Court kept the earlier ruling of a lower court that permits the 2018 class action lawsuit to proceed.

Nvidia appealed to the high tribunal to hear its side and avoid the cryptocurrency fraud case that was filed against it in 2018.

Reports said that the chipmaker’s shareholders sued the company for misleading investors, saying that Nvidia was not transparent on how much of its sales relied on the volatility of the crypto market.

Lawsuit To Move Forward

Reports said that the lower court’s decision will stand after the US Supreme Court did not grant Nvidia’s appeal, which means the chipmaker has to face the lawsuit.

The US Supreme Court said that the justices of the high court heard the arguments about the case. The court magistrates decided not to make a ruling regarding the underlying legal dispute in which the chip manufacturer is involved.

The high tribunal tossed out the appeal of Nvidia regarding the ruling of a lower court, resulting in the 2018 charges moving forward; a scenario Nvidia is trying to avoid but with the court’s decision, it seems the US chip company has no choice.

The high court revealed that during the deliberation, several magi

Go to Source to See Full Article
Author: Christian Encila