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.
Cryptocurrencies are extremely volatile and the U.S Securities and Exchange Commission said 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.

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.

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