Nvidia Understated Over $1B In Crypto Mining Sales, Suit Says
By Philip Rosenstein (May 14, 2020, 9:58 PM EDT) -- Technology hardware company Nvidia concealed how much it relied on sales to cryptocurrency miners for its high-flying gaming business, investors said in an amended complaint accusing the company of understating crypto-related sales by more than $1 billion.
The new complaint from a proposed class of investors that could number in at least the hundreds of thousands claims Nvidia Corp. violated the Securities Exchange Act, saying executives lied to investors about the extent that Nvidia's gaming segment revenue relied on sales to cryptocurrency miners. According to the complaint, filed Wednesday in the Northern District of California, Nvidia's gaming segment made up over 50%...
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