Supreme Court Dismisses Nvidia's Appeal

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(RTTNews) - On Wednesday, the Supreme Court dismissed an appeal by Nvidia Corp. (NVDA) in a lawsuit against the chip giant, leaving the case to move forward.

The court dismissed the appeal as "improvidently granted" in an unsigned, one-sentence opinion without explanation.

The dismissal came four weeks after several justices questioned whether the case presented the type of broad legal issue that would warrant a Supreme Court ruling.

Nvidia contended the shareholders' lawsuit lacked enough specificity to go forward to the evidence-gathering stage of litigation.

This marks the second time the Supreme Court has dismissed an appeal in recent weeks. Last month, the court dismissed Facebook's appeal in a securities lawsuit against the company.

Nvidia's suit, brought by Swedish investment firm Ohman J:or Fonder, centers on allegations that company executives, including CEO Jensen Huang, misled investors about the extent its sales depended on volatile cryptocurrency miners.

Nvidia argued the investment firm did not meet the legal bar set by the Private Securities Litigation Reform Act, a federal law created in 1995 to prevent frivolous securities litigation.