What Nvidia wants (but may not get) from the Supreme Court

Yahoo Finance11-14 05:39

Nvidia (NVDA) and Facebook (META) are fighting two Supreme Court cases this year that they claim will flood the legal system with investor lawsuits if not decided in their favor. So far things aren't ...

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The same happened to Facebook’s lawyers last week.The justices pressed Nvidia to explain why they should reverse a decision by the 9th Circuit Court of Appeals, repeating a point they made in the Facebook casestem argued last week.Yale Law School professor Jonathan Macey said he was surprised by the justices’ questions in the Facebook case.Facebook, for its part, said investors should not be able to allege that it misled its stockholders by omitting that its partnership with British political consulting firm Cambridge Analytica exposed the data of 87 million Facebook users.Facebook argued that its disclosures were not false or misleading by fail","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4529":"IDC概念","LU0057025933.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (USD) ACC","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","LU0097036916.USD":"贝莱德美国增长A2 USD","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","BK4532":"文艺复兴科技持仓","LU0096364046.USD":"CT (LUX) I AMERICAN \"DU\" (USD) ACC","IE00BD6J9T35.USD":"NEUBERGER BERMAN NEXT GENERATION MOBILITY \"A\" (USD) ACC","BK4507":"流媒体概念","NVDA":"英伟达","BK4567":"ESG概念","LU0149725797.USD":"汇丰美国股市经济规模基金","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","LU0154236417.USD":"BGF US FLEXIBLE EQUITY \"A2\" ACC","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","IE00BN29S564.USD":"JANUS HENDERSON BALANCED \"A3\" (USD) INC","IE00B4JS1V06.HKD":"JANUS HENDERSON BALANCED \"A2\" (HKD) ACC","L":"洛斯公司","IE0004086264.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","BK4543":"AI","IE0034235295.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"A\" (USD) ACC","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","LU0068578508.USD":"First Eagle Amundi International Cl AU-C USD","BK4550":"红杉资本持仓","BK4588":"碎股","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","BK4548":"巴美列捷福持仓","BK4503":"景林资产持仓","LU0082616367.USD":"摩根大通美国科技A（dist）","GB00B4QBRK32.GBP":"FUNDSMITH EQUITY \"R\" (GBP) INC","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","LU0048584097.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) INC","LU0203345920.USD":"SCHRODER ISF QEP GLB ACT. 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The same happened to Facebook’s lawyers last week.\n“It just seems to me that you're asking us to engage in a kind of analysis that we are not very good at,” Justice Elena Kagan, an appointee by Democratic President Barack Obama, told Nvidia’s lawyer Neal Kumar Katyal.\nThe outcome of the cases could undermine or embolden future securities fraud litigants.\nIn Nvidia's case, investors who sued the company alleging that Nvidia CEO Jensen Huang made false statements should be required to set out more particular information in their lawsuit about what Huang knew at the time of his statements.\nThe investors claim that in 2017 and 2018 Huang knowingly departed from Nvidia’s internal company data by misattributing the company’s demand for chips to the video gaming market.\n\n\n\n  Jensen Huang, chief executive officer of Nvidia, (AP Photo/David Zalubowski)\n \n\n  ASSOCIATED PRESS\n \n\nDemand at the time, the investors hypothesized, was actually driven by the more volatile market of cryptocurrency mining. That hypothesis relied on the opinion of a financial analyst who based his conclusion on publicly available documents, rather than Nvidia’s company documents.\n“This is a highly technical subject, and I just don't understand how a court is opposed to be evaluating that at the pleading stage,” Supreme Court Justice Samuel Alito, an appointee of Republican President George W. Bush, told Nvidia’s lawyer.\nThe justices pressed Nvidia to explain why they should reverse a decision by the 9th Circuit Court of Appeals, repeating a point they made in the Facebook casestem argued last week.\nIn both cases, the appellate court allowed investors to proceed against the companies with proposed class action securities fraud suits.\nYale Law School professor Jonathan Macey said he was surprised by the justices’ questions in the Facebook case.\n“One thing that was amazing in the oral argument,” he said, “is you got this kind of across-the-aisle alliance” with conservative Justice Clarence Thomas to liberal Justice Sonia Sotomayor expressing concerns that were “very pro plaintiff.”\nFacebook, for its part, said investors should not be able to allege that it misled its stockholders by omitting that its partnership with British political consulting firm Cambridge Analytica exposed the data of 87 million Facebook users.\nAt the core of both disputes are questions about what facts a plaintiff must include in a legal complaint to keep a case in court.\nFacebook argued that its disclosures were not false or misleading by failing to disclose that the Cambridge Analytica breach actually materialized in the past, especially because the so-called risk posed no known risk of ongoing or future business harm.\n\n\n\n  Meta CEO Mark Zuckerberg on Capitol Hill in 2018.. (Photo by Yasin Ozturk/Anadolu Agency/Getty Images)\n \n\n  Anadolu via Getty Images\n \n\nAccording to Nvidia, investors should not be able to maintain a proposed class action lawsuit against the company by relying on an expert’s opinion.\n“Congress…wanted to stop lawsuits like this, lawsuits that allowed for fraud by hindsight,” Katyal said on behalf of Nvidia during Wednesday’s arguments.\n“When a stock drops, all [plaintiffs] have to do is find an expert with numbers that contradict a company's public statements,” Katyal said.\nKatyal went on to say that a decision in favor of the shareholders created “an easy road map” for plaintiffs to evade a federal law that requires particular information to be included in a securities fraud complaint.\nThat law, known as The Private Securities Litigation Reform Act (PSLRA), which was in part created to prevent frivolous lawsuits, states that a plaintiff must show that a defendant company intended to make a false or misleading statement, and that the statement was, in fact, false.\nSupreme Court Justice Neil Gorsuch, an appointee of Republican President Donald Trump, also entertained the idea that the PSLRA may need refining.\nGorsuch said “it beggars belief” to think that a CEO, such as Huang, would have been unaware of the source of such a large portion of the company's income.\nJim Redwood, a securities law professor with Albany Law, doubted that Supreme Court would ultimately rule in favor of the investors, saying he expects both cases to be resolved in a manner that curbs future securities class action lawsuits.\n“The Facebook case is somewhat closer,” he said, explaining that the social media company’s case may be somewhat weaker than Nvidia’s.\nThe Justice Department joined in the Nvidia case, siding with investors.\n“We think that the 9th Circuit correctly applied the standard here,” the DOJ’s lawyer said during arguments on Wednesday.\nAlexis Keenan is a legal reporter for Yahoo Finance. Follow Alexis on X @alexiskweed.\nClick here for the latest technology news that will impact the stock market\nRead the latest financial and business news from Yahoo Finance","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2483865518"}