Nvidia to pay $5.5 million penalty to settle SEC charges over inadequate disclosures of cryptomining impact on results


Shares of Nvidia Corp. NVDA, -0.90% fell 1.5% in morning trading Friday, after the semiconductor company agreed to pay a $5.5 million penalty, to settle charges made by the Securities and Exchange Commission regarding inadequate disclosures concerning the impact of cryptomining on Nvidia’s gaming business. The company also agreed to a “cease-and-desist” order, the SEC said. The SEC’s order also found that Nvidia failed to maintain adequate disclosure controls and procedures. The agreed upon settlement comes with Nvidia not admitting or denying the SEC’s finding. Nvidia’s stock has not plunged 36.9% year to date, while the PHLX Semiconductor Index SOX, -0.78% has tumbled 24.3% and the S&P 500 SPX, -0.57% sank 14.3%.

This article was originally published by Marketwatch.com. Read the original article here.

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