TLDR
- A U.S. judge certified a class of Nvidia investors in the crypto revenue case.
- The class covers Nvidia stock purchases from Aug. 10, 2017, to Nov. 15, 2018.
- Plaintiffs say Nvidia hid crypto-related gaming GPU revenue in 2017 and 2018.
- Nvidia stock fell 28.5% over two sessions after its November 2018 disclosure.
- A case management conference is scheduled for April 21, 2026.
Nvidia faces a certified class action over claims that it misled investors on crypto-linked revenue. The ruling keeps a long-running securities case moving toward trial.
A U.S. District Court judge certified a class of investors who bought Nvidia stock between Aug. 10, 2017, and Nov. 15, 2018. The case centers on whether Nvidia and CEO Jensen Huang concealed how much gaming GPU revenue came from cryptocurrency mining.
Court allows Investors to proceed as a group
Judge Haywood S. Gilliam Jr. granted class certification in an order filed Wednesday. He also denied Nvidia’s effort to exclude the damages method used by the plaintiffs’ expert.
The lead plaintiffs are Lannebo Kapitalförvaltning AB and Stichting Pensioenfonds PGB. The certified class includes all people or entities that bought Nvidia common stock during the stated period.
The ruling does not decide whether Nvidia is liable. Still, it allows investors to pursue their claims together in one case.
That step may shape the next phase of the lawsuit. A case management conference is set for April 21, 2026.
Claims focus on gaming revenue tied to crypto mining
Plaintiffs allege Nvidia described crypto-related revenue as limited and mostly tied to its OEM segment. They say that account was false during 2017 and 2018.
According to the filing, nearly two-thirds of that revenue came from GeForce gaming GPUs. Plaintiffs say Nvidia recorded that demand inside the Gaming segment instead.
The court said Nvidia did not fully rebut the plaintiffs’ evidence on price impact. That finding was especially important for the company’s November 2018 disclosure.
In that update, Nvidia cut guidance and cited a “sharp falloff in crypto demand.” Its stock then fell 28.5% over two trading sessions, according to the filing.
Analyst reports and earlier actions shaped the case
The order pointed to analyst reports from Morgan Stanley, Macquarie Research, and RBC Capital Markets. Those reports linked the November 2018 disclosure to Nvidia’s earlier statements on crypto exposure.
RBC later estimated Nvidia generated about $1.95 billion in crypto-related revenue. That figure was far above the roughly $602 million Nvidia had indicated over the same period.
Investors first sued Nvidia in 2018. The case was dismissed in 2021, but the Ninth Circuit revived it in 2023.
The dispute also drew action from regulators. In 2022, the SEC fined Nvidia $5.5 million for failing to disclose the impact of crypto mining on its business.
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