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SEC: NVIDIA FAILED TO DISCLOSE CRYPTO AS REVENUE GENERATOR
Techlife News
|May 14, 2022
Nvidia, a major tech company that has expanded aggressively into gaming, will pay a $5.5 million penalty for failing to disclose that crypto-mining was a significant source of revenue growth from the sale of graphics processing units that were produced and marketed for gaming.
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“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.
The company has also agreed to a cease-and-desist order, the SEC said. Nvidia did not admit or deny the SEC’s findings, and declined to comment.
This story is from the May 14, 2022 edition of Techlife News.
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