SEC Fined Nvidia

The U.S. Securities and Exchange Commission (SEC) fined $5.5 million GPU maker Nvidia for misrepresenting profits from product sales to miners

According to the SEC ruling, Nvidia violated the Securities Act of 1933 and the disclosure provisions of the Securities and Exchange Act of 1934. In addition, the company did not provide adequate controls and disclosure procedures.

According to the SEC, during several quarters of the 2018 fiscal year, Nvidia did not disclose information about the sale of video cards to miners, which were the main driver of growth in profits from sales of GPUs, although they had this data.

The regulator believes that by these actions, the company was misleading investors about the state of the business. The Commission emphasized that all issuers of securities are required to ensure “timely, complete and accurate disclosure of information.”

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