SEC Fines Nvidia $5.5 Million for Insufficient Crypto Disclosures

Updated:10:44 AM CEST Sep,20

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Gameguru Mania News - May,08 2022 -

SEC Fines Nvidia $5.5 Million for Insufficient Crypto Disclosures - tech
(hx) 09:04 AM CEST - May,08 2022 - Post a comment / read (2)
The SEC issued a $5.5 million fine to Nvidia after determining it failed to declare critical sales data in its 2017-2018 revenue reports. The slap-on-the-wrist penalty was accompanied by a formal statement that Nvidia did not disclose cryptomining as a significant source of its revenue growth during the period in question, thereby depriving potential investors of crucial information. The Securities and Exchange Commission's (SEC) May 6 press release cited Nvidia for "Inadequate Disclosures about Impact of Cryptomining." The SEC alleges that Nvidia did not report their increased crypto-based sales as required by Form 10-Q, instead attributing the increase to gaming-related growth. The omitted sales information and fluctuations left investors with an incomplete picture of the company's performance, which is key to analyzing business risk and investment potential. Nvidia did not confirm or deny the allegations of improper disclosure and agreed to a cease-and-desist order accompanied by a $5.5 million penalty.

last 10 comments:

Csimbi	(01:55 PM CEST - May,08 2022 )
You know, one could technically sue them for monopolizing cryptomining. They artificially slow down the cards they sell to the competition ;-)