Nvidia will pay a $5.5 million SEC penalty for ‘Inadequate Disclosures about crypto mining. The Platform agreed to pay a penalty to settle civil charges that the technology firm did not properly disclose the impact of crypto mining.

Highlights

Technology Firm not accepted nor denied the SEC’s findings
The regulatory body alleged Nvidia for not sharing info with investors
Such omissions misled investors and analysts

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A Technical Firm Nvidia has agreed to pay the amount of $5.5 million to settle civil charges for not disclosing the impact of crypto mining on its gaming business, the detail and fact said by the US Securities and Exchange Commission (SEC) on Friday.

During fiscal 2018, in back-to-back quarters, Nvidia failed to disclose the primary element of its revenue growth was crypto mining and the sales of chips designed for gaming, the SEC regulators said in its charging order.

The company Nvidia became popular in 2018 for crypto mining which is the process of obtaining crypto rewards in exchange for verifying transactions on distributed ledgers, asked SEC. The regulatory agency alleged that company Nvidia knew that information but failed to share it with investors.

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