A federal judge has certified a class of investors suing Nvidia and CEO Jensen Huang over how the company described its crypto mining demand. The plaintiffs allege the company understated that demand during the 2017-2018 boom. None of the allegations have been proven.
On March 25, 2026, a federal judge granted class certification in a securities lawsuit against Nvidia Corporation and Huang. The ruling lets investors who bought Nvidia common stock between August 10, 2017, and November 15, 2018, pursue their claims as a group.
What the plaintiffs allege
The case is consolidated as In re NVIDIA Corporation Securities Litigation, Case No. 4:18-cv-07669-HSG. Plaintiffs say Nvidia misrepresented how much crypto mining demand propped up sales of its gaming graphics cards during the boom.
According to the plaintiffs, Huang characterized mining as a minor contributor. He reportedly described it as "small for us."
The plaintiffs allege the reality looked quite different. They claim miners accounted for nearly two-thirds of certain sales segments, and that total crypto-related revenue topped $1 billion during the class period.
The lawsuit claims violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The lead plaintiffs are two European institutional investors, Lannebo Kapitalförvaltning AB and Stichting Pensioenfonds PGB.
A long road through the courts
The case was dismissed in 2021, but the Ninth Circuit revived it in 2023. That ruling sent the case back down for further proceedings, and it has now cleared the class certification hurdle.
Nvidia has paid once already over this topic. In 2022, the company settled charges with the SEC and paid a $5.5 million penalty over inadequate disclosures about crypto mining's impact on its business.
The two cases differ, though. The regulator's case was about disclosure failures, while the investor case asks whether shareholders lost money because of allegedly misleading statements, and if so, how much.
What certification changes
Without certification, each investor would have to sue separately, which is impractical for most individual shareholders. With a certified class, everyone who bought Nvidia stock during that roughly 15-month window can be represented together.
The case now moves toward discovery and the merits stage. Nvidia can contest the allegations, and certification does not mean the plaintiffs will win.
Source: Crypto Briefing
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