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NVIDIA Lawyers Dismiss Investors' Crypto Mining Doc Requests: Report

Investors accuse NVIDIA of bungling the chipmaker's response to 2017's mining hardware boom.

Sep 18, 2020 at 7:49 p.m. UTC
Updated Sep 14, 2021 at 9:58 a.m. UTC

NVIDIA Corp. lawyers are pushing back against investors demanding to pull back the curtain on the chipmaker's 2017 cryptocurrency mining hardware business.

  • According to Law360, NVIDIA's lawyers argued before a Delaware Court of Chancery official Thursday that plaintiffs lack sufficient evidence to probe the company's 2017's "crypto craze."
  • Investors are suing NVIDIA for allegedly understating a crypto mining hardware sales spike they claim undermined NVIDIA's other chip businesses, according to the report.
  • NVIDIA made as much as $1 billion selling graphics processing units (GPUs) to miners during the height of the crypto craze, according to plaintiffs in a different class- action suit.
  • The Delaware plaintiffs further claim NVIDIA executives leveraged the unsustainable sales boom to sell $147 million in company stock "at artificially inflated prices," Law360 reported.
  • NVIDIA emerged from the boom with too much inventory and overly rosy revenue projections that had to be adjusted downward to the detriment of the company's share price, investors claimed.
  • NVIDIA lawyers argued the investors are cherrypicking executives' statements, are being inconsistent in their records requests and may lack standing, according to the Law360 report.

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