Market News: The U.S. Supreme Court has agreed to hear a case regarding Nvidia’s cryptocurrency mining revenue

BlockBeats news, June 17, according to Bloomberg, the U.S. Supreme Court agreed to hear a case involving Nvidia's cryptocurrency mining revenue to consider making it more difficult for shareholders to file securities fraud lawsuits.

Nvidia is seeking to block an investor lawsuit accusing the company of deceiving its reliance on cryptocurrency mining revenue before the market downturn in 2018. The judges said on Monday that they would review Nvidia's claim that the complaint lacked sufficient specificity to proceed.

A ruling in favor of Nvidia would provide the company with new bargaining chips to dismiss shareholder lawsuits early and avoid the costs of mounting a full defense. The case focuses on the protections given to the company by the Private Securities Litigation Reform Act of 1995.

In the latest case, shareholders allege that in 2017 and 2018, Nvidia CEO Jensen Huang hid the fact that record revenue growth was driven by mining-related sales of the company’s flagship GeForce GPUs, rather than gaming sales.