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Nvidia hit with a new class-action lawsuit over misrepresenting crypto-mining sales to investors

Delicieuxz
By Delicieuxz
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In January 2019, it was reported [LTT thread] that Nvidia was being hit with multiple class-action lawsuits relating to the crash of the crypto-mining market, with the suits' plaintiffs alleging that Nvidia knowingly downplayed the importance crypto-mining sales had for Nvidia's revenue, resulting in investors gauging Nvidia's stock to be more stable than it ended-up being, which drew-in investors who then lost a lot of money when Nvidia's stock crashed with the crypto-mining trend.

 

Chipmaker Nvidia plunges after missing on revenue and guidance

Nvidia’s 54 percent plunge this quarter makes it the biggest loser in S&P 500

 

Investing being a gambling business is one thing. But a company or person mis-representing their position and knowledge about the market to get more money out of people who end up being screwed over by that mis-representation is something else, and it's illegal for a person in a position of responsibility to investors knowingly makes misleading statements to manipulate investors or the company's stock price. The market's future behaviour can't be predicted with certainty and Nvidia isn't responsible to make the market perform a particular way. But, a company is in control of how they represent their business to their investors, and a company mis-representing their known future prospects is not a natural part of the risk of investing and is fraud and a violation of the US' Federal Securities law.

 

One of the lawsuit filings from January 2019 claimed:

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3. 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 sales to cryptocurrency-related customers made up a small portion of the Company’s revenues, and that strong demand for GPUs by NVIDIA’s core customer base of computer gamers would compensate for any decline in demand from cryptocurrency users.

 

4. These representations had their intended effect, as analysts upgraded the Company’s stock and NVIDIA shares traded at record highs. At the same time, NVIDIA senior executives began selling significant amounts of their personally held shares. For example, CEO Huang sold 110,000 of his personally-held NVIDIA shares during the Class Period, reaping over $18 million in proceeds.

 

 

The new complaint, filed March 13, 2020, might be continuation or expansion of that former one. I'm not sure. But it has a different case number. Regardless, it again accuses Nvidia of telling investors "materially false and misleading statements" in violation of the Exchange Act that impacted investor decisions and finances. There are some interesting bits of information about how crypto-mining impacted Nvidia in the filing.

 

The lawsuit cites an RBC Capital Markets report which concluded that Nvidia under-reported their crypto-mining sales from Feb 2017 to July 2018 by $1.35 billion USD, when Nvidia reported crypto sales as being worth $602 million instead of $1.95 billion.

 

The suit also claims Nvidia continued to under-report financial earnings throughout the fiscal years 2018 and into 2019, saying that “NVIDIA lied about its cryptocurrency earnings to avoid [a] stock crash,” positing that “the steep falls [in NVIDIA’s stock price] [we]re a strong incentive for Nvidia to mask large fluctuations in revenue”.

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The complaint goes into detail about how much attention and importance Nvidia put on the crypto-mining sector of their revenue, and it sounds like crypto-mining sales made up a very large portion of Nvidia's revenue. One claim is that, in 2017, 25% - 35% of Nvidia's entire revenue came from crypto-mining sales in just China alone:

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For example, in response to an analyst question during NVIDIA’s August 10, 2017 earnings call asking how Huang planned to manage the volatility of the cryptocurrency market, Huang told investors that “our strategy is to stay very, very close to the market. We understand its dynamics really well . . . . We stay very close to the market. We know its every single move and we know its dynamics.”

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1. Huang Maintained Access to NVIDIA’s Centralized Sales Database, Which Reflected Surging Demand for GeForce GPUs from Crypto-Miners

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86. FE 1 described the U.S. executive team as “obsessed” with this sales data, which explicitly identified and quantified crypto-miners’ burgeoning demand for GeForce GPUs throughout the Class Period. FE 1 reported that, throughout 2017, this data reflected that 60% to 70% of NVIDIA’s GeForce revenue in its most critical market, China, came from sales to crypto-miners. Given the significance of the China market to NVIDIA’s Gaming revenues and overall performance, these figures revealed that approximately 25% to 35% of NVIDIA’s worldwide GeForce Gaming-segment revenues were coming from sales to crypto-miners just in China.

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Huang also explicitly discussed the effect of cryptocurrency-related demand on GeForce sales. FE 2 stated that Huang brought up miners’ preference for GeForce GPUs during at least two different Quarterly Business Reviews at NVIDIA’s Santa Clara headquarters in 2017, which FE 2 attended with Huang and other business unit, sales, marketing, and product management leaders. Specifically, Huang acknowledged that NVIDIA could not get the cryptocurrency miners to buy the professional and more expensive Quadro and Tesla cards because miners did not care about “what the pro card stands for” and were only interested in raw cost and “cranking out algorithms at the lowest cost.” FE 2 also recalled that when Huang stated that miners were buying GeForce GPUs instead of the professional cards, the information came as no surprise to FE 2 or any of the other NVIDIA executives in the room. 3. Huang Received Weekly “Top 5” Emails Highlighting the Impact of CryptoRelated Demand on GeForce Sales Around the World 94. Throughout the Class Period, Huang also received continuous reports of crypto-related GeForce sales in an internal reporting system that he had created called “Top 5” emails.

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90. FE 5 stated that crypto-mining and its effect on GeForce demand was a “hot topic” at these meetings for different regions during the second half of 2017 and first half of 2018. FE 5 gave the Director of Sales for Europe as an example of one executive who discussed crypto-related demand for GeForce GPUs at these gatherings. Attendees also discussed forecasting predictions, including forecasts of GPU demand from cryptocurrency miners. FE 5 recalled that, beginning in the summer of 2018, the Quarterly Business Review meetings involved discussion of the decline in mining-related demand, which was negatively affecting GeForce sales. FE 5 explained that the sales data and forecasts presented at the regional meetings, including cryptocurrency-related demand, was then sent directly to Huang.

 

The suit also claims that Nvidia's GeForce Experience software reports to them what Nvidia GPUs are being used for, and that 60% of GPUs sold during the time-period the suit is concerning were used for crypto-mining.

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13. In addition to this deluge of sales figures and reports from the field, internal technical data confirmed that crypto-miners had overrun the market for GeForce GPUs. NVIDIA used a software program bundled with its GeForce GPUs to track how consumers were using their GeForce GPUs throughout the Class Period. The program, called “GeForce Experience,” transmitted usage data from users back to NVIDIA, enabling the Company to determine whether consumers were using each GPU for gaming or for mining. As one former manager put it, “We actually know this data.” Just two months before the Class Period began, when an analyst asked how NVIDIA “pars[ed]” its sales data, Kress confirmed her own access to this information and that NVIDIA used the GeForce Experience data to identify to whether sales were going to gamers, stating, “we can actually see [users] through our GeForce Experience . . . . So we have an ability to actually look to say, ‘Yes, the intended use of those overall gaming platforms are actually being used for gaming.’” NVIDIA’s former senior marketing executive from the European division explained that, indeed, the GeForce Experience usage data was maintained in a central database and reported every month directly to Huang, who personally reviewed the data for each region. The same executive, who saw the monthly reports, stated that the usage data reflected that over 60% of GeForce sales went to miners during the Class Period—a figure in line with what the centralized sales database reflected was happening in NVIDIA’s largest and most important market, China.

 

14. As miners’ ravenous appetite for GeForce GPUs became clear internally, Fisher told his team that NVIDIA’s growing reliance on fickle crypto-driven demand was “dangerous.” Yet his warning, while prescient, did nothing to quell NVIDIA’s enthusiasm for the revenues that crypto-mining was generating for the Gaming segment. To the contrary, Defendants not only knew about, but encouraged large-scale crypto-mining with GeForce GPUs throughout the Class Period. In fact, the China presentation that Fisher had commissioned detailed NVIDIA’s plan to directly target the largest miners in China, going so far as to list ten large crypto-mining operations by name next to their contact information and projected monthly demand in thousands of units. Meanwhile, at the quarterly sales meetings, Huang and other top executives discussed business opportunities targeting large commercial miners, including a significant deal in 2017 with Genesis Mining, a leading crypto-mining operation based in Europe.

 

I think it's been clear that the extremely-high prices for the RTX 20XX series were an attempt to exploit the crypto-demand for GPUs while using RT as a cover explanation for the increase in MSRP, and that Nvidia jacked the prices up just because they thought they could. But the strategy didn't worked-out for Nvidia as the suit states that that Nvidia's over-reliance on the crypto-mining market resulted in a "glut of unsold GeForce inventory" when crypto-mining collapsed.

 

I'm hoping that RTX 30XX series cards will be lower, reflecting the lower demand for them without a crypto-boom going on. But who knows - aside from Nvidia?

You own the software that you purchase - Understanding software licenses and EULAs

 

"We’ll know our disinformation program is complete when everything the american public believes is false" - William Casey, CIA Director 1981-1987

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Posted
4 minutes ago, foldingNoob said:

crypto will never be as anonymous as cash, change my mind.

There's a camera and microphone on everything and satellites that can read the dates off dimes on the sidewalk that can be used to monitor cash transactions. Cash is physical so there will always be the meta-data of you physically being somewhere or some medium tied to you in order to move the cash, like an envelope with your address on it . Or if it's done online there is always a trail with banks and other cash services. 

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Just keeping this here as a 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29 minutes ago, foldingNoob said:

crypto will never be as anonymous as cash, change my mind.

Someone found with a wad of cash can always be forced to say where it came from. If done right there can be no way to link a crypto address to someone.

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51 minutes ago, Delicieuxz said:

The lawsuit cites an RBC Capital Markets report which concluded that Nvidia under-reported their crypto-mining sales from Feb 2017 to July 2018 by $1.35 billion USD, when Nvidia reported crypto sales as being worth $602 million instead of $1.95 billion

I want to know what idiot, or group of idiots thought they were not going to be caught over such a HUGE discrepancy. This is exactly why auditing exists.

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16 minutes ago, Arika S said:

I want to know what idiot, or group of idiots thought they were not going to be caught over such a HUGE discrepancy. This is exactly why auditing exists.

 

Depends, i would assume if NVIDIA internally underestimated it in a way that dosen;t fall afoul of gross negligence rules they're safe, (as they should be). 

 

1 hour ago, Delicieuxz said:

I think it's been clear that the extremely-high prices for the RTX 20XX series were an attempt to exploit the crypto-demand for GPUs while using RT as a cover explanation for the increase in MSRP, and that Nvidia jacked the prices up just because they thought they could. But the strategy didn't worked-out for Nvidia as the suit states that that Nvidia's over-reliance on the crypto-mining market resulted in a "glut of unsold GeForce inventory" when crypto-mining collapsed.

 

I'm hoping that RTX 30XX series cards will be lower, reflecting the lower demand for them without a crypto-boom going on. But who knows - aside from Nvidia?

 

Given crypto had allready crashed and NVIDIA were allready having oversupply problems before they even announced the pricing of the RTX series  The pricing of RTX had no reason to be related to crypto because crypto was allready a dead market for NVIDIA by then and they knew it.

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58 minutes ago, CarlBar said:

Given crypto had allready crashed and NVIDIA were allready having oversupply problems before they even announced the pricing of the RTX series  The pricing of RTX had no reason to be related to crypto because crypto was allready a dead market for NVIDIA by then and they knew it.

I think that's part of the game that Nvidia were playing. They were claiming that the demand for their GPUs wasn't crypto-based, but was gamer-based, while they were, allegedly, actually making more than half of their GPU sales to the crypto market.

 

The crypto-market boosted the unavailability of GPUs and increased their prices. So, after the crypto-craze died-down, people might expect prices to against climb-down. But Nvidia didn't want to do that. And since Nvidia claimed the demand wasn't from the crypto market, they could also claim there is no basis to lower GPU prices after the crypto-craze fade-out.

 

Hypothetically, driven by greed, Nvidia saw a chance to capitalize on the crypto-craze prices even further by increasing 20XX series prices even beyond the crypto-craze prices, falsely claiming the gaming market has decided their products are worth the (hyper-inflated) prices they were at, and then citing their new ray-tracing feature as justification to boost them more.

 

Nvidia used the hyper-inflation of GPU prices, created by the unavailability of GPUs, created by the crypto-craze, as propaganda for their business, pretending that it was gamer demand, not crypto-mining demand, that drove the prices that high, hoping that claim would justify the higher prices so that gamers would accept those prices as the new normal and buy RTX like they did previous GTX series.

 

All of this depended on Nvidia maintaining that the demand for their GPUs was from gamers, and not crypto-miners - which means they had to lie to their investors to pull the PR-spin off.

 

 

So, Nvidia might have defrauded their gamer customers like they did their investors.

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You have to be one dumb investor if you thought that crypto shit will just go on forever. Every gamer knew this, every crypto miner knew this, but they somehow didn't. It doesn't even matter what NVIDIA says, if you're in this sort of business you'd have to do research yourself.

 

If mining was becoming more and more difficult through months, isn't it expected for it to crash at one point? No one's gonna buy tons of graphic cards in bulk when doing that doesn't make any sense. lol

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3 hours ago, BuckGup said:

satellites that can read the dates off dimes on the sidewalk that can be used to monitor cash transactions.

I dont know about this claim. I know the US military has claimed to read license plates and that was sus because license plates tend to be mounted 90 degrees from the sky. I dont know if you are old enough to remember Colin Powell delivering US satellite photos to the UN to show Iraq was manufacturing weapons of mass destruction. The whole thing was fake!

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3 hours ago, Kilrah said:

Someone found with a wad of cash can always be forced to say where it came from. If done right there can be no way to link a crypto address to someone.

Someone found with a wallet of crypto can always be forced to say where it came from. If done right there can be no way to link cash to someone.

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Someone who cares will never be found with a crypto wallet laying around. You don't have to store anything physical, just a key and a recovery passphrase that can be encrypted or hidden in a way that there's no means to know it's information that links to cryptocurrency. Heck if you've got good memory it could all only be stored in your head. Recreate your wallet for the couple of minutes you need to use it, destroy it straight after.

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2 hours ago, RejZoR said:

You have to be one dumb investor if you thought that crypto shit will just go on forever. Every gamer knew this, every crypto miner knew this, but they somehow didn't. It doesn't even matter what NVIDIA says, if you're in this sort of business you'd have to do research yourself.

 

If mining was becoming more and more difficult through months, isn't it expected for it to crash at one point? No one's gonna buy tons of graphic cards in bulk when doing that doesn't make any sense. lol

The issue is that Nvidia said the sales weren't from the mining boom. The investors and Nvidia knew that mining would get smaller, that's why allegedly Nvidia lied to the investors saying that mining wasn't the source of the sales.

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48 minutes ago, KaitouX said:

The issue is that Nvidia said the sales weren't from the mining boom. The investors and Nvidia knew that mining would get smaller, that's why allegedly Nvidia lied to the investors saying that mining wasn't the source of the sales.

Still, you can't just blindly believe what company says. You have to reasearch it further. I'm not sure how specifics go with investors, but I'm sure NVIDIA had to show them some sort of financial results and tell them exactly what was what. If they have and manipulated that, then ok, it makes sense.

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Yes that's the whole point, the suit is about them misreporting what sales were to who and downplaying the impact of mining on their sales.

 

 

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2 hours ago, RejZoR said:

Still, you can't just blindly believe what company says. You have to reasearch it further. I'm not sure how specifics go with investors, but I'm sure NVIDIA had to show them some sort of financial results and tell them exactly what was what. If they have and manipulated that, then ok, it makes sense.

yes but that doesnt mean companies should get away with doing it

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6 hours ago, RejZoR said:

You have to be one extremely dumb and greedy investor if you thought that crypto shit will just go on forever. Every gamer knew this, every crypto miner knew this, but they somehow didn't. It doesn't even matter what NVIDIA says, if you're in this sort of business you'd have to do research yourself.

FTFY

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Everyone said that it was related to the price of cyptro not like they can control the price. They can only forcast until the price drops. But it drops on its own.

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