SEC Fines Nvidia $5.5 Million Over Cryptomining Disclosures
06 Maio 2022 - 12:09PM
Dow Jones News
By Dean Seal
Nvidia Corp. will pay a $5.5 million penalty to resolve
allegations that it wasn't upfront about how much of its revenue
growth came from cryptocurrency mining.
The U.S. Securities and Exchange Commission said it settled
charges against the technology company and claims that amid rising
interest and demand for cryptocurrencies in 2017, Nvidia customers
increasingly used its gaming-focused graphics processing units for
cryptomining, in which miners are awarded cryptocurrency for
verifying crypto transactions.
The SEC in its charges said that when the Santa Clara,
Calif.-based company filed its quarterly reports in August and
November of 2017, it failed to mention that cryptomining was a key
factor in year-over-year revenue growth for its gaming business.
That omission was significant because Nvidia was simultaneously
telling investors that the rise in demand for crypto was driving
success in its original equipment manufacturing business, the SEC
said.
"Nvidia's disclosure failures deprived investors of critical
information to evaluate the company's business in a key market,"
Kristina Littman, head of the agency's crypto enforcement unit,
said in a statement.
Nvidia agreed to resolve the SEC's allegations without admitting
or denying the agency's findings. The company declined to
comment.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
May 06, 2022 10:54 ET (14:54 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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