In back-to-back quarters in fiscal 2018, Nvidia failed to
disclose that cryptomining was a "significant element" of its revenue
growth from sales of chips designed for gaming, the SEC said in a statement and
charging order.
The firm, which did not admit or deny the SEC's findings,
agreed to pay a civil penalty of $5.5 million. A spokesperson for Santa Clara,
California-based Nvidia declined to comment.
In 2018, Nvidia's chips became popular for cryptomining, the
process of obtaining crypto rewards in exchange for verifying transactions on
distributed ledgers, the SEC said. The regulator alleged that Nvidia knew that
information, but failed to share it with investors.
Those omissions misled investors and analysts who were
interested in understanding the impact of cryptomining on Nvidia's business,
the SEC said. © Reuters
0 comments:
Post a Comment