NVIDIA Fined $5.5 Million Fine As it did not Disclose 2018 Crypto Revenue
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tsunami231
5.5mill only they probably made hundred upon hundred of mill in that time frame if you your fine company, fine them equal to ammount they generated from doing in first place, they will stop trying to cheat and hidden things, cause it will no longer be profitable
Clouseau
Do retail outlets force the customers to disclose how they are going to be using the product? The numbers were not wrong or the fine would have been about a material misstatement. All this is about is that they did not have a footnote disclosure and/or mention it in the MD&A section. Failure to disclose the economic impact the mining industry had on their sales; was it increasing and was it just a blip or going to be an ongoing serious segment supporting their sales figures. They took a calculated risk by not mentioning it because it was a grey area of whether or not there was a need to have such a disclosure. That is why the slap on the wrist fine and was not more serious. Nvidia did not audit themselves.
This is not so much a story about Nvidia failing to include a disclosure but a comment about the independent auditors they utilize. All 10Qs and Ks are verified by such auditors before they are submitted to the SEC. Obviously it was not a serious enough offense for the auditors to render a qualified opinion. So why all the nonsense? This is just a click-bate article.
anticupidon
5,5 millions?
What's that, a fine for ants?
Yogi
Great White Shark
About time Nividia should have been punished! For their Crypto crap!
alanm
People who invest in Nvidia are generally rational investors who want a safe, predictable place to invest their money in. They would not be happy to see the company base its sales or growth estimates on a volatile, highly unpredictable segment of the market (crypto). They may appreciate the profit generated from crypto as a side benefit, but ultimately they are investing in a tech company with certain goals, expectations. Thats likely the reason Nvidia tried to hide this from their investors (if intentional).
FookDat
$5.5 million... the execs spend more than that at lunch...
Catspaw
While 5.5 Mill is a "slap on the wrist" as already pointed out, this does not limit shareholders ability to sue nVidia themselves.
SEC just got their cut basicly.
Moonbogg
Neo Cyrus
Mufflore