Defendant Name:
NVIDIA Corporation
Defendant Type:
Public Company
SIC Code:
3670
CUSIP:
67066G10
Document Reference:
33-11060
Document Details
Legal Case Name
In the Matter of NVIDIA Corporation
Document Name
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
Document Date
06-May-2022
Document Format
Administrative Proceeding
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On May 6, 2022, the SEC instituted settled cease-and-desist proceedings against NVIDIA Corporation stating: "This matter concerns NVIDIA’s disclosures during two consecutive quarters in its fiscal year 2018 related to the impact of cryptomining on the growth of revenue from the sale of graphics processing units (“GPUs”) NVIDIA designed and marketed for gaming. . . . NVIDIA had information indicating that cryptomining was a significant factor in the year-over-year growth in revenue from the sale of GPUs that NVIDIA designed and marketed for gaming. The company, however, did not disclose this in the company’s Forms 10-Q for these quarters as required by former Regulation S-K, Item 303(b)(2) (currently Item 303(c)(2)), part of the company’s Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) disclosure requirements. NVIDIA also failed to maintain adequate disclosure controls and procedures as required by Exchange Act Rule 13a-15(a) related to its MD&A requirements."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Monetary Penalties:
Civil Penalty
Individual:
$5,500,000.00
Shared:
