In the latest digital currency news, we are talking about Nvidia and its recent class action lawsuit over the losses reported by the company when lower crypto prices diminished demand for GPUs by miners, according to reports from the Schall law firm on December 24th.
The complaint also states that “the Company made false and misleading statements to the market” and according to the announcement, Nvidia “touted its ability to monitor the cryptocurrency market and make rapid changes to its business as necessary.”
According to Shall, the GPU producer also declared the following:
“Any drop off in demand for its GPUs amongst cryptocurrency miners would not negatively impact the Company’s business because of strong demand for GPUs from the gaming market.”
As we already reported, the cryptocurrency mining crash made Nvidia the worst performer in the S&P 500 after a massive sell-off of its shares which made the stock price of the company drop by 54%.
Earlier this week, other companies also announced that they would be leaving the mining sector. The Japanese mining company GMO was one of them, mostly because of its extraordinary losses over the year.
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