NVDA Stock Alert: SCOTUS Will Hear Nvidia Case Over Shareholder Lawsuit


  • Nvidia (NVDA) stock is up on Tuesday after the company got a lawsuit update.
  • The Supreme Court will hear the shareholder lawsuit against NVDA.
  • This comes after an unfavorable ruling for the company in 2022.
NVDA Stock - NVDA Stock Alert: SCOTUS Will Hear Nvidia Case Over Shareholder Lawsuit

Source: Rokas Tenys / Shutterstock.com

Nvidia (NASDAQ:NVDA) stock is on the move Tuesday after the Supreme Court revealed it will hear a lawsuit from shareholders over its crypto connections.

This lawsuit has been ongoing since 2018. The plaintiffs argue that Nvidia downplayed its connections to crypto. In 2021, U.S. District Judge Haywood Gilliam Jr. dismissed the lawsuit.

However, the Nvidia lawsuit was resurrected by the San Francisco-based 9th U.S. Circuit Court of Appeals. The court ruled in favor of the plaintiffs and ordered Nvidia to pay $5.5 million to U.S. authorities in 2022.

NVDA Stock: Why Is SCTOUS Involved?

Following this, Nvidia sought for the Supreme Court to hear the lawsuit. The company argues that the decision made by the 9th U.S. Circuit Court would open it up to “abusive and speculative litigation.”

SCOTUS has agreed to hear the Nvidia shareholder lawsuit during its next term, which starts in October. This means it will be a few months before we know the results of the case.

NVDA stock is up 1.8% as of Tuesday morning. The stock is also up 176.8% since the start of the year.

Investors will want to keep reading for more of the most recent stock market news!

We have all of the latest stock market stories available on Tuesday! Among that is what has shares of Tesla (NASDAQ:TSLA), Chegg (NYSE:CHGG) and NextEra Energy (NYSE:NEE) stock in the news today. All of that info is ready to go at the links below!

More Stock Market News for Tuesday

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2024/06/nvda-stock-alert-scotus-will-hear-nvidia-case-over-shareholder-lawsuit/.

©2024 InvestorPlace Media, LLC