NVIDIA found itself at the end of a class-action lawsuit just before the start of the new year. The lawsuit, which was filed by the Schall Law Firm, alleges that the GPU company made “false and misleading statements” about the cryptocurrency market to its shareholders.
On the law firm’s official page, NVIDIA had touted its ability to monitor the cryptocurrency market and its ability to make rapid changes to its business wherever necessary. Additionally, the law firm also said that NVIDIA had also claimed that any drop off in demand for its GPUs amongst cryptocurrency miner wouldn’t put a dent in the brand’s business. Due to a “strong demand for GPUs” within the PC gaming market.
The lawsuit, which was filed on 24 December 2018, is also a call-to-arms to cryptocurrency miners by the firm, asking affected parties to be represented, or otherwise stand on the side of the lawsuit as an absent class member.
Cryptocurrency reached a fever pitch back in November 2017, when the value of the Bitcoin surged and peaked at nearly RM80000. This led to an exponential rise in GPU mining, which in turn led to mass purchases of graphics cards in the consumer market.
This rising trend also led to resellers and PC stores taking advantage of the situation, raising the prices of all graphics cards to exorbitant levels. The craze for cryptocurrency mining slowly diminished throughout 2018, with the average value of the Bitcoin is hovering between RM14000 and RM16000.