NVIDIA Agrees To A $5.5 Million Cryto Revenue Fine Without Admitting Any Wrongdoing

NVIDIA Agrees To A $5.5 Million Cryto Revenue Fine Without Admitting Any Wrongdoing

2 years ago
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https://wccftech.com/nvidia-agrees-to-a-5-5-million-cryto-revenue-fine-without-admitting-any-wrongdoing/

Nvidia CEO. Mr. Jen-Hsun Huang at Computex, Taipei in 2017; Associated Press

Chip designer NVIDIA Corporation has been fined $5.5 million by the Securities and Exchange Commission (SEC) for failing to disclose revenues from cryptocurrency sales in its fiscal year 2018. NVIDIA's fiscal year is a year ahead of the calendar year, and the Commission revealed earlier today that the chip firm did not report that it had sold a significant amount of graphics processing units (GPUs) to the miners despite having adequate information and knowledge about the sales. As a result, the firm's investors were unable to adequately assess the riskiness of the company's business, which then harmed them once the cryptocurrency 'bubble' burst in 2017 and sent NVIDIA, and its smaller rival Advanced Micro Devices, Inc's (AMD) revenues plummeting.

NVIDIA Agrees To A $5.5 Million Cryto Revenue Fine Without Admitting Any Wrongdoing

May 6, 2022, 5:20pm UTC
https://wccftech.com/nvidia-agrees-to-a-5-5-million-cryto-revenue-fine-without-admitting-any-wrongdoing/ > Nvidia CEO. Mr. Jen-Hsun Huang at Computex, Taipei in 2017; Associated Press > Chip designer NVIDIA Corporation has been fined $5.5 million by the Securities and Exchange Commission (SEC) for failing to disclose revenues from cryptocurrency sales in its fiscal year 2018. NVIDIA's fiscal year is a year ahead of the calendar year, and the Commission revealed earlier today that the chip firm did not report that it had sold a significant amount of graphics processing units (GPUs) to the miners despite having adequate information and knowledge about the sales. As a result, the firm's investors were unable to adequately assess the riskiness of the company's business, which then harmed them once the cryptocurrency 'bubble' burst in 2017 and sent NVIDIA, and its smaller rival Advanced Micro Devices, Inc's (AMD) revenues plummeting.