According to the SEC, Nvidia failed to disclose the impact that mining cryptocurrencies was having on its gaming sector revenue in 2018. Read More...
Associated Press
SEC: Nvidia failed to disclose crypto as revenue generator
Nvidia, a major tech company that has expanded aggressively into gaming, will pay a $5.5 million penalty for failing to disclose that cryptomining was a significant source of revenue growth from the sale of graphics processing units that were produced and marketed for gaming. Cryptocurrencies are extremely volatile and the U.S Securities and Exchange Commission said Friday that the Santa Clara, California company did not disclose to investors in 2018 the potential future risks of such sales. “Nvidia’s disclosure failures deprived investors of critical information to evaluate the company’s business in a key market,” said Kristina Littman, Chief of the SEC Enforcement Division’s Crypto Assets and Cyber Unit.
