The Chicago Entrepreneur

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

Shares of Nvidia Corp. 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 has tumbled 24.3% and the S&P 500 sank 14.3%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Previous post Fed-funds futures traders cling to expectations of a 75 basis point rate hike in June
Next post Nike’s stock in danger of first back-to-back 5%+ drops in 22 years