Nvidia and Jensen Huang face certified class action over crypto mining disclosures

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A federal judge has allowed investors from the 2017-2018 crypto boom to pursue claims together against Nvidia and its CEO

Mon 9 Nov 2026 · 16:51 EST · 3 min read

In Technology

Nvidia’s crypto mining past just caught up with it in court. On March 25, 2026, a federal judge granted class certification in a securities lawsuit against Nvidia Corporation and CEO Jensen Huang.

The ruling lets investors who bought Nvidia common stock between August 10, 2017, and November 15, 2018, pursue their claims as a group.

What the lawsuit alleges

The case is consolidated as In re NVIDIA Corporation Securities Litigation, Case No. 4:18-cv-07669-HSG. The core accusation is fairly simple. Plaintiffs say Nvidia misrepresented how much crypto mining demand was propping up sales of its gaming graphics cards during the 2017-2018 boom.

According to the plaintiffs, Huang characterized mining as a minor contributor to the business. He reportedly described it as “small for us.”

The plaintiffs allege the reality looked quite different. They claim miners accounted for nearly two-thirds of certain sales segments. They also allege total crypto-related revenue topped $1 billion during the class period.

That gap between “small for us” and a billion-plus dollars is the heart of the dispute. The lawsuit claims violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.

Section 10(b) targets misleading statements and omissions tied to buying or selling securities. Section 20(a) extends liability to people who control a company, which is how an individual executive like Huang ends up named alongside the corporation.

The lead plaintiffs are two European institutional investors: Lannebo Kapitalförvaltning AB and Stichting Pensioenfonds PGB.

A long road through the courts

This case was dismissed in 2021, which could have been the end of it. Instead, the Ninth Circuit revived the lawsuit in 2023. That appellate ruling sent the case back down for further proceedings, and it has now cleared the class certification hurdle.

Nvidia has already paid once for how it handled this topic. In 2022, the company settled charges with the SEC and paid a $5.5 million penalty over inadequate disclosures about crypto mining’s impact on its business.

An SEC settlement and a private securities class action are different animals, though. The regulator’s case was about disclosure failures. The investor case asks whether shareholders lost money because of allegedly misleading statements, and if so, how much.

Why class certification matters

Certification is a procedural step, but it is not a minor one. Without it, each investor would have to sue separately, which is impractical for most individual shareholders.

With a certified class, everyone who bought Nvidia stock during that roughly 15-month window can be represented together. That dramatically raises the potential financial stakes for the defendants.

The case now moves toward discovery and the merits stage. None of the allegations have been proven. Nvidia has the opportunity to contest them as the case proceeds, and certification does not mean the plaintiffs will win.

Disclosure: This article was edited by Diego Almada Lopez. For more information on how we create and review content, see our Editorial Policy.