So who’s been a naughty boy then? Lol!
Taken from Bloomberg … Nvidia Corp. agreed to pay federal securities regulators a $5.5 million penalty over allegations that the chipmaker failed to adequately disclose revenue from crypto mining.
During two consecutive quarters in 2018, the company didn’t make clear that demand from crypto miners was responsible for a significant part of the increase in sales of its graphics processing units that are also used for gaming, according to a Friday statement from the U.S. Securities and Exchange Commission. Crypto mining is the process of obtaining crypto rewards in exchange for verifying transactions on distributed ledgers.
“All issuers, including those that pursue opportunities involving emerging technology, must ensure that their disclosures are timely, complete, and accurate,” Kristina Littman, head of the SEC’s crypto enforcement team, said in the statement.
A Nvidia spokesman declined to comment. The company, which is based in Santa Clara, California, agreed to the penalty without admitting or denying the regulator’s findings.
According to the SEC, Nvidia omitted the information about surging demand from crypto miners while making statements about how digital assets were affecting other business lines.
Source: Bloomberg
