Nvidia Urges Supreme Court to Dismiss Shareholder Lawsuit

Published on August 18, 2024

Silicon Valley giant Nvidia urged the Supreme Court on Aug. 13 to turn away a shareholders’ fraud lawsuit, alleging they falsely claimed the company’s CEO made public statements that contradicted its own internal reports. The new filing previews arguments the company will make when the Supreme Court hears the appeal, known as Nvidia Corp. v. E. Ohman J:or Fonder AB, in the fall. If Nvidia wins the case, companies may find it easier to have shareholder suits summarily dismissed and not incur the costs of making a full-fledged legal defense. Based in Santa Clara, California, the petitioner Nvidia is known for its graphics processors commonly used in artificial intelligence development. Nvidia CEO Jensen Huang is also a petitioner. The lead respondent is E. Ohman J:or Fonder AB, an investment management firm in Stockholm, Sweden....

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