New Article on the Class Action Blog! The U.S. Supreme Court is set to review Nvidia's appeal against a revived shareholder lawsuit alleging misleading statements about cryptomining revenue. This decision could have major implications for securities litigation standards. Click here to read the full article by Matthew Berkowitz and Carr Maloney PC's summer associate Mac McCullough: https://lnkd.in/ghf_rbJc #SecuritiesLaw #ClassAction #Nvidia #Cryptomining #LegalUpdate #SupremeCourt #ShareholderLawsuit
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Following up on our recent webinar regarding the NVIDIA securities class action case, here's an update from yesterday's Supreme Court announcement. Clearly there's more to come with this case. #securitiesclassactions, #Supremecourt, ISS Securities Class Action Services
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US Supreme Court to Review Facebook and Nvidia Securities Fraud Cases: Implications for Corporate Accountability The upcoming review by the United States Supreme Court regarding news cases associated with Facebook and Nvidia marks a critical juncture for corporate oversight and investor rights. Both tech companies are involved in separate lawsuits th... https://lnkd.in/dx5SESF4 #SECURITIESFRAUD_CORPORATEACCOUNTABILITY_INVESTORRIGHTS_SUPREMECOURT_TECHINDUSTRY
US Supreme Court to Review Facebook and Nvidia Securities Fraud Cases: Implications for Corporate Accountability
https://crocommander.com
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The U.S. Supreme Court ended its review of a Ninth Circuit decision reviving a securities fraud lawsuit against software company, Nvidia, calling the review “improvidently granted” in a Wednesday order. The high court offered no further explanation for its dismissal. However, this outcome was forecasted during Nov. 13 oral arguments, when U.S. Supreme Court Justice Sonia Sotomayor expressed doubts with the court’s decision to review the Ninth Circuit’s divided ruling that Nvidia investors had pleaded their fraud claims with enough particularity for the case to advance. “We often don’t grant cert to error-correct. Is this entire case just an error correction?” Sotomayor had asked Nvidia counsel, Neal Katyal of Hogan Lovells. The decision was hailed by Gupta Wessler LLP’s Deepak Gupta, who represents the Swedish investment management firm that accused Nvidia of covering up its exposure to the cryptocurrency market. “The Supreme Court ruled this morning that it never should have granted Nvidia's petition. The corporate Supreme Court bar, supported by the U.S. Chamber and its allies, often tries to gin up nonexistent legal issues in an effort to curtail class actions,” Gupta said. Nvidia is one of the world’s largest producers of graphics processing units, the specialized processors that were initially developed to render digital images, such as for video games. The hardware can also be used for non-graphics purposes, such as for crypto mining, and in 2018, investors accused Nvidia of misleading them on how much revenue stemmed from crypto sales. The investors relied on a commissioned report from a third-party consulting firm, which estimated that Nvidia generated over $1.1 billion more in crypto-related sales between May 2017 and July 2018 than what was disclosed. U.S. District Judge Haywood Gilliam Jr., of the District Court for the Northern District of California dismissed the case, finding that the investors hadn't provided enough evidence of fraud, only for a split U.S. Court of Appeals for the Ninth Circuit panel to rule that the investors sufficiently pleaded fraud. Full story: https://lnkd.in/eFNdFnxi
High Court Drops Case Over Nvidia's Effort to Ditch Fraud Suit
law.com
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Some additional observations re: Xockets v. Nvidia (I'll get back to posting about the Federal Circuit soon enough): The case isn't two weeks old yet and there are already 60 docket entries. This reflects a) a lot of attorneys moving for pro hac vice admission; b) Xockets moved for a preliminary injunction and Albright set a hearing on that motion in two weeks; c) defendants, in response, sought a(n opposed) continuance on that hearing and moved (unopposed) for extensions for the filing of answers. We know some of the firms who are going to be duking it out, as a result of all the pro hac motions: For Xockets: Irell & Manella (patent litigator); Winstead (patent litigators); Ciccarelli Law Firm (patent litigator/local counsel) For Nvidia: DLA Piper (patent litigators) Hogan & Lovells (antitrust litigators) Anyway, it has the makings of a very expensive case on all sides. For Microsoft: Winston & Strawn (patent & antitrust litigators) For RPX: The Dacus Firm (patent litigator/local counsel)
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The Supreme Court dismissed Nvidia's appeal against a shareholder lawsuit alleging misleading statements about cryptocurrency-related sales. The Ninth Circuit found the CEO and CFO's statements materially misleading, raising questions about pleading requirements for scienter and falsity under the PSLRA in securities fraud cases. Read more at: https://lnkd.in/eW6xc7ZX #ETLegalWorld
U.S. Supreme Court rejects Nvidia's securities fraud appeal - ET LegalWorld
legal.economictimes.indiatimes.com
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📢 Big news for securities litigation: tech giants face the U.S. Supreme Court Meta’s Facebook and Nvidia are appealing to the U.S. Supreme Court to dismiss securities fraud suits, aiming to limit private investors’ ability to bring such cases. These pivotal cases could reshape corporate accountability as the Court’s recent rulings have already reduced federal regulators’ powers. With Facebook and Nvidia citing transparency issues, the outcomes may signal a shift in securities litigation and enforcement. Read the article: https://lnkd.in/gywhVrPW #securitiesclassactions #supremecourt #corporateaccountability #classactions #CCC
Facebook, Nvidia ask US Supreme Court to spare them from securities fraud suits
economictimes.indiatimes.com
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🚨 Meta, Nvidia Head to Supreme Court in Investor Suits—A Landmark Moment for Securities Law 🚨 This month, Meta Platforms Inc. and Nvidia Corp. will appear before the US Supreme Court in two high-profile securities fraud cases that could reshape the landscape of investor litigation. Here’s a breakdown: 🔹 What's at Stake? The cases challenge risk disclosure and the role of expert reports in securities fraud class actions, addressing the crucial question: What does it take to survive a dismissal? Decisions here could tighten the standards and potentially reduce the wave of investor lawsuits that companies face. 🔹 Case Highlights: 1. Meta: Investors allege Meta misled them by downplaying the risks of data misuse, especially regarding the Cambridge Analytica scandal. This case could redefine how companies handle "risk disclosures," clarifying whether they must disclose known risks as “real” rather than hypothetical. 2. Nvidia: Here, investors argue Nvidia misrepresented its reliance on cryptocurrency sales, impacting stock performance. The case questions the use of expert reports in early pleadings, with Nvidia seeking clarity on the level of documentation required under the Private Securities Litigation Reform Act (PSLRA). 🔹 Why This Matters: These decisions could significantly impact investor rights and corporate disclosure requirements. Defense attorneys argue it will help control unnecessary lawsuits, while investor advocates stress these cases protect market integrity. Stay tuned for updates on these pivotal cases, as they may shape securities litigation for years to come. #SecuritiesLaw #SupremeCourt #InvestorLitigation #Meta #Nvidia
Meta, Nvidia Bring Investor Suits’ Starting Gate to High Court
news.bloomberglaw.com
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Texas Court Invalidates SEC's Dealer Rule, Siding with Crypto Advocates - Law.com: This decision affirms the importance of applying legal frameworks as intended and avoiding the temptation to force novel technologies into ...
Texas Court Invalidates SEC’s Dealer Rule, Siding with Crypto Advocates
law.com
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The US Supreme Court has dismissed an appeal by artificial intelligence chipmaker Nvidia, which sought to avoid a securities fraud lawsuit filed by shareholders.
Supreme Court Dismisses Nvidia's Bid To Avoid Securities Fraud Suit
thefinancialdistrict.com.ph
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Seven (!) years ago, Matthew Turk and I wrote about the Roberts Court and its improvident securities law docket. We were proved right again this week, with the second major securities law case this term getting a DIG. Matthew summed up our article in the attached Bloomberg write-up. Link to our article is here: https://lnkd.in/eAbc7eea
Two Dismissals Show Supreme Court Hesitance in Securities Cases
news.bloomberglaw.com
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