Nvidia has filed for the dismissal of a complaint alleging it fraudulently attributed over $1 billion in sales to gaming markets amid the 2017 crypto bubble.
Major manufacturer of graphics processing units (GPUs) and computing hardware Nvidia has filed a motion to dismiss a proposed class-action lawsuit alleging that the firm misrepresented more $1 billion in sales during 2017 and 2018.
In addition to its popular ‘GeForce’ and ‘GTX’ products — favored by both gamers and crypto miners — Nvidia launched a GPU specifically designed for virtual currency mining dubbed ‘Crypto SKU’ in May 2017.
However, Nvidia reported only its Crypto SKU sales as having been made to cryptocurrency miners, and investors claim this misrepresented $1.126 billion in other sales as having been driven by demand from the gaming market.
In the motion to dismiss, Nvidia asserts that statements issued by its executives made it clear to investors at the time that it was impossible to know the exact purpose for