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SEC Fines Nvidia $5.5M for Not Disclosing Crypto Mining Impact on Gaming Business
May, 09 2022
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On May 6, the United States Securities and Exchange Commission declared in a press release that Nvidia has consented to pay $5.5 million in fines to the agency to settle charges that it neglected to reveal the number of its GPUs were being sold for cryptocurrency mining.
"Without admitting or denying the SEC’s findings, NVIDIA agreed to a cease-and-desist order and to pay a $5.5 million penalty," reads a release from the SEC.
Nvidia began referencing crypto mining and its effect on its original equipment manufacturer (OEM) business as soon as August 2017.
These charges are inconsequential to the current (gradually ebbing) crypto-driven GPU deficiency. Rather, they manage comparative yet more modest crypto-driven knock-in GPU deals back in 2017.
“Our PC OEM revenue increased by approximately 200% due primarily to strong demand for GPU products targeted for use in cryptocurrency mining,” Nvidia wrote in its quarterly petitioning for the three months finishing on July 30, 2017, noticing that income for its GeForce GPU items, specifically, had expanded 90% due to their prominence among crypto miners.
In any case, the organization had not referenced that its gaming business had likewise profited from ubiquity among crypto miners.
“Nvidia’s
disclosure failures deprived investors of critical information to evaluate the
company’s business in a key market,” said Kristina Littman, the SEC’s cyber
unit chief. “All issuers, including those that pursue opportunities involving
emerging technology, must ensure that their disclosures are timely, complete,
and accurate.”
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Joyashree Dey
CBW - External Analyst
INDIA
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