Nvidia to pay $5.5m in fees for misstating sales to crypto miners
SEC alleges firm misled investors as it reported revenue gains to gaming & not disclosing how much was due to miner purchases
Today the US Securities and Exchange Commission (SEC) announced that Nvidia is to pay $5.5 million in fees, which is due to it not disclosing to investors how much it sold its GPUs to crypto miners.
As reported by The Verge, the claims came about after the chip maker released its 2018 fiscal report. The SEC noted the company saw a jump in mining-related sales during the year of 2017.
Investors and analysts regularly inquired how much crypto mining was contributing to Nvidia's gaming revenue.
However, the chip maker didn't disclose those sales figures The Verge added.
Additionally, Nvidia didn't admit to any misconduct in the settlement announcement but it did agree that going forward, it will stop any failures of not disclosing information.