SEC Fines Nvidia $5.5 Million Over ‘Inadequate’ Cryptomining GPU Disclosures

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The United States Securities and Exchange Commission (SEC) announced that it had fined Nvidia $5.5 million for improperly disclosing the impact of cryptocurrency mining on the company’s gaming business.

According to the SEC’s May 6 press release, in consecutive quarters of Nvidia’s 2018 fiscal year, the company unlawfully concealed from investors that its GPU sales to cryptominers were a significant driver of its revenue growth. . Without admitting or denying the SEC’s findings, Nvidia agreed to a cease and desist order and paid the penalty.

“Nvidia’s disclosure failures have deprived investors of critical information to assess the company’s business in a key market,” Kristina Littman, head of the SEC’s Cyber ​​Unit, said in the press release. “All issuers, including those seeking opportunities involving emerging technologies, must ensure that their disclosures are timely, complete and accurate.”

Cryptomining is the process of earning crypto rewards in exchange for verifying crypto transactions on distributed ledgers.

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SEC Fines Nvidia $5.5 Million Over ‘Inadequate’ Cryptomining GPU Disclosures

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