Defendant Name: NVIDIA Corporation

Defendant Type: Public Company

Document Reference: 2022-79

Document Details

Legal Case Name In the Matter of NVIDIA Corporation
Document Name SEC Charges NVIDIA Corporation with Inadequate Disclosures about Impact of Cryptomining
Document Date 06-May-2022
Document Format Administrative Proceeding
File Number 3-20844
Allegation Type Issuer Reporting and Disclosure
Document Summary The SEC "announced settled charges against technology company NVIDIA Corporation for inadequate disclosures concerning the impact of cryptomining on the company’s gaming business."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Monetary Penalties:

Civil Penalty

Individual:     $5,500,000.00 Shared:    

Related Documents:

33-11060 06-May-2022 Administrative Proceeding
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
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."