According to the Complaint, NVIDIA Corporation designs, develops, and markets graphics processing units ("GPUs") and related software. Although traditionally used in connection with computer gaming, demand for the Company's GPUs surged as NVIDIA's GPUs became widely used in connection with cryptocurrencies. Given the volatility in the cryptocurrency market, the Company's ability to adapt to the ever-changing cryptocurrency landscape was critical to investors.

The Complaint alleges that, throughout the Class Period, Defendants assured investors that the Company followed the market closely and could adjust to rapid changes in the cryptocurrency markets. Even as analysts increasingly began to question the Company's ability to manage inventory in the face of an uncertain cryptocurrency market, Defendants touted that NVIDIA and its executives are "masters at managing our channel, and we understand the channel very well." NVIDIA also repeatedly assured investors that surging demand for GPUs among cryptocurrency miners would not have a negative impact on the Company because of strong demand for GPUs by NVIDIA's core customer base of computer gamers. As a result of these misrepresentations, NVIDIA shares traded at artificially inflated prices throughout the Class Period.

On March 4, 2019, the Court issued an Order consolidating cases. On May 2, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated Complaint on June 21. Defendants filed a Motion to Dismiss the consolidated Complaint on August 2. On March 16, 2020, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss with leave to amend. On May 13, Lead Plaintiffs filed an amended consolidated Complaint. Defendants filed a Motion to Dismiss the amended consolidated Complaint on June 29. On March 2, 2021, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were not given leave to amend the Complaint.

On March 30, 2021, Lead Plaintiffs filed a notice appealing the Court's Dismissal Order. On August 28, 2023, the Court of Appeals affirmed in part and reversed in part the District Court's Dismissal Order.

On June 17, 2024, the U.S. Supreme Court granted a petition for a writ of certiorari and agreed to hear an appeal of the Ninth Circuit's ruling.