The US Securities and Exchange Commission (SEC) has announced the settlement of charges against Nvidia for inadequate disclosure of information about the impact of crypto mining on the company’s gaming business.
The SEC order states that for several consecutive quarters in fiscal 2018, Nvidia did not disclose that crypto mining was an important element in the growth of its tangible income from the sale of video cards designed and promoted as gaming solutions. As demand and interest in mining grew in 2017, Nvidia customers increasingly used its 3D gaming cards to mine cryptocurrencies.
In two of its financial year 2018 reports, Nvidia reported substantial revenue growth in its gaming business. However, the company had information at the time that this increase in game sales was largely due to mining. Despite this, Nvidia did not disclose this fact in their reports, as it was necessary.
As a result, Nvidia will pay a fine. True, in the amount of only 5.5 million dollars, which is not a significant amount for her.
Source: ixbt
I am Derek Black, an author of World Stock Market. I have a degree in creative writing and journalism from the University of Central Florida. I have a passion for writing and informing the public. I strive to be accurate and fair in my reporting, and to provide a voice for those who may not otherwise be heard.
