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SEC Fines Nvidia $5.5 Million for Failing to Disclose Crypto Mining Significantly Boosted Its Revenue

The U.S. Securities and Exchange Commission (SEC) has charged Nvidia Corp. for failing to disclose that crypto mining significantly boosted its revenue. The company agreed to a cease-and-desist order and to pay a $5.5 million penalty.
Nvidia Failed to Disclose That Crypto Mining Was a Significant Element of Its Material Revenue Growth
The U.S. Securities and Exchange Commission (SEC) announced settled charges against technology company Nvidia Corporation Friday “for inadequate disclosures concerning the impact of cryptomining on the company’s gaming business.”
The securities watchdog explained that during consecutive quarters in Nvidia’s fiscal year 2018:
The company failed to disclose that cryptomining was a significant element of its material revenue growth from the sale of its graphics processing units (GPUs) designed and marketed for gaming.
As demand for and interest in cryptocurrency rose in 2017, Nvidia customers increasingly used gaming GPUs for crypto mining, the SEC n

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We współpracy z: https://news.bitcoin.com/sec-fines-nvidia-5-5-million-for-failing-to-disclose-crypto-mining-significantly-boosted-its-revenue/

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