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Despite introducing specialized crypto mining GPUs (Crypto SKUs) and reporting their sales separately, NVIDIA continued to see substantial crypto-related purchases of its gaming GPUs. However, the company\u2019s executives, particularly CEO Jensen Huang and CFO Colette Kress, repeatedly downplayed the impact of crypto mining on their gaming segment revenues when questioned by analysts and investors.\u003C\/p\u003E\n\u003Cp\u003EAs cryptocurrency prices began to decline in 2018, NVIDIA\u2019s GPU sales dropped. On August 16, 2018, the company lowered its revenue guidance, which was followed by a more significant miss in November. On November 15, 2018, NVIDIA disclosed that post-crypto channel inventory was taking longer than expected to sell through, with Huang referring to it as a \u201ccrypto hangover.\u201d This revelation led to a sharp decline in NVIDIA\u0027s stock price, dropping 28.5% in two trading days. The plaintiffs in this case alleged that during the class period (May 10, 2017, to November 14, 2018), NVIDIA\u0027s executives knowingly or recklessly misled investors about the company\u0027s exposure to crypto volatility by understating the impact of crypto-related purchases on their gaming segment revenues.\u003C\/p\u003E\n\u003Cp\u003EThe district court dismissed the plaintiffs\u2019 claims, but the U.S. Court of Appeals for the Ninth Circuit reversed, concluding that the amended complaint sufficiently alleged that, during the Class Period, Huang made false or misleading statements and did so knowingly or recklessly.\u003C\/p\u003E\n","question":"\u003Cp\u003EWhat is the proper pleading standard to show knowledge or intent for Private Securities Litigation Reform Act claims that rely on internal company documents?\u003C\/p\u003E\n","conclusion":"\u003Cp\u003ECertiorari dismissed as improvidently granted.\u003C\/p\u003E\n","advocates":[{"advocate":{"ID":37171,"name":"Neal Kumar Katyal","href":"https:\/\/api.oyez.org\/people\/neal_kumar_katyal","view_count":0,"last_name":"Katyal","roles":null,"thumbnail":null,"length_of_service":0,"identifier":"neal_kumar_katyal"},"advocate_description":"for the Petitioners","href":"https:\/\/api.oyez.org\/case_advocate\/case_advocate\/23636"},{"advocate":{"ID":20895,"name":"Deepak Gupta","href":"https:\/\/api.oyez.org\/people\/deepak_gupta","view_count":0,"last_name":"Gupta","roles":null,"thumbnail":null,"length_of_service":0,"identifier":"deepak_gupta"},"advocate_description":"for the Respondents","href":"https:\/\/api.oyez.org\/case_advocate\/case_advocate\/23637"},{"advocate":{"ID":63126,"name":"Colleen E. 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