On December 11, 2024, the U.S. Supreme Court rejected NVDA’s (NVDA, Financial) appeal of a $1 billion class action lawsuit, increasing legal scrutiny of the company. The case, first filed in 2018, alleges that the GPU giant underreported cryptocurrency mining sales during a shaky crypto market period, causing investors millions of dollars in losses.

The Supreme Court ruling left the case untouched; The Ninth Circuit Court of Appeals upheld the territorial lawsuit against the county. They claim NVIDIA understated crypto-related revenue by $1.35 billion, costing investors $3.8 billion. This led to a 30% drop in the company’s stock price as crypto-powered GPU sales collapsed in late 2018.

NVIDIA is under pressure from the Justice Department and the Securities and Exchange Commission, which have supported the lawsuit. “We would have liked a decision confirming the dismissal of the trial court, but we are ready to defend ourselves.”

NVIDIA is facing increased antitrust scrutiny, including an ongoing antitrust investigation in China. Legal experts believe the proceedings could set a precedent for further scrutiny of corporate transparency surrounding cryptocurrency disclosures in the GPU market, which continues to be influenced by the ebbs and flows of crypto market dynamics.

While the case continues, NVIDIA must appear before the Ninth Circuit.

This article first appeared on GuruFocus.