Nvidia was in some serious hot waters back in 2017 when the fall of major Nvidia shares urged the shareholders to look into cryptocurrency matters. The allegations concerning Nvidia were that the company did not inform the investors about the sales records of the cryptocurrency miners.
The sales records could have been useful to the shareholders to make a definitive decision before the downfall of Bitcoin in November of 2018. A lot of angry shareholders jumped on the lawsuit train and eventually filed a Billion Dollar lawsuit in 2020.
Well, Nvidia just won the Billion dollar case! U.S. District Court Judge Haywood Gilliam of the Northern District of California ruled in favor of the company during the lawsuit hearing this March.
The lawsuit was dismissed due to Nvidia’s request. Lack of evidence was the main cause behind the loss of the shareholders as they couldn’t produce any such evidence that may have claimed Nvidia was hiding cryptocurrency information from the shareholders.
Some of the allegations of the lawsuit even villainized Nvidia and accused the company of selling dedicated hardwares specially marketed for crypto mining. Which led to Nvidia’s GTX 3060 struggle and rumors about it being the perfect crypto mining processor.
The rumors were quickly shut down when Nvidia announced that they are taking serious steps to keep the new RTX 3060 cryptocurrency free.
But shortly after the RTX 3060 cryptocurrency tussle, the pricing for the RTX 3060 became the next issue.
Initially priced at US $329, an ongoing trade war with China made the new Nvidia product almost hard to find. Those selling the tech, priced it way over $329. This led to another set of angry tweets and allegations.
Now that the lawsuit has finally settled and Nvidia has won, these small misunderstandings might just subside.
Nvidia Corporation is a multinational technology company incorporated in Delaware and based in Santa Clara, California.
Known for producing some of the best Graphical Processing Units (GPU) in the market, the company also provides parallel computing solutions to researchers and scientists worldwide. Not to mention, they also produce mobile computing chipsets in the form of Tegra Mobile Processors. The company was founded on April 5, 1993; almost 27 years ago, and competes with AMD (Mainly in GPUs), Intel, and Qualcomm (Processing Chipsets).