A class action lawsuit has been filed against tech giant Nvidia, with the plaintiffs accusing the company of making misleading statements about how it can help mitigate the effects of the reduced demand from the cryptocurrency market.
The suit was filed by the Schall Law Firm, who specializes in shareholder rights litigation and securities-related class action lawsuits. Last year, the cryptocurrency market was in a prolonged, with the prices of mining rigs and PC Graphics Processing Units (GPUs) reaching astronomical levels.
Mining rigs were in high demand and were sold at high prices, with everyone, from random purchasers of rigs to large companies snapping them up. This led to shortages of rigs, leaving manufacturers like AMD and Nvidia with no option but to increase their production to help meet up with the increased demand.