Nvidia to pay $5.5M as part of SEC case concerning ‘inadequate disclosures’ around crypto mining
2022.05.06 20:06
Nvidia to pay $5.5M as part of SEC case concerning ‘inadequate disclosures’ around crypto mining
The United States Securities and Exchange Commission, or SEC, has announced that it has settled charges against Nvidia (NASDAQ:NVDA) — the company behind graphics cards used by many crypto miners — in regards to “inadequate disclosures.”
In a Friday announcement, the SEC said that Nvidia failed to disclose that mining cryptocurrencies was “a significant element of its material revenue growth” based on sales of its graphics processing units, or GPUs, during the 2018 fiscal year. The company has agreed to pay a $5.5 million penalty and will be subject to a cease-and-desist order based on violations of the Securities Act of 1933 and disclosures required by the Securities Exchange Act of 1934.
