SEC Opens New Investigation of nVidia
11:52 AM | Tristram Perry | Comment on this story
Today's New York Times reports that the Securities and Exchange Commission and federal prosecutors are investigating leading video-card manufacturer nVidia's accounting practices.
The firm issued a statement yesterday afternoon stating that the investigation was triggered after a review of employee e-mail messages obtained earlier in connection with suspected insider trading, and that the company has launched its own investigation as well:
nVidia is cooperating fully with the SEC, and in accordance with their suggestion and advice, has launched an independent review... The Audit Committee of the nVidia Board of Directors is directing this independent review, with assistance from the law firm of Cooley Godward and the audit firm of KPMG. nVidia believes that the SEC, together with the U.S. Attorney’s Office, has authorized an investigation and interviewed at least one former nVidia employee.The company was first contacted by the SEC one month ago but but waited to disclose the inquiry until it had verified all the information, according to a company spokesman. Both the SEC and nVidia have declined to comment further on the nature of the investigations. nVidia produces the GeForce 2D/3D video chips used by Apple Computer and many other PC manufacturers.
New York Times: SEC Studies Accounting Practices (reg. required)
nVidia is committed to fully and fairly reporting its financial performance. Upon completion of the review, nVidia intends to take all required and appropriate actions.
nVidia: nVidia Conducting Review of Certain Transactions
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