NVidia Hit By SEC Probe
Nvidia shares down today, as the the company will be the subject of a federal accounting investigation. The company's stock was the best performer in the Standard & Poors 500 list in 2001, but so was Enron in 2000. And we know what happened to Enron. Of course it's not expected that NVidia is doing the same creative accounting as Enron was, but SEC is still gonna look at the results of a few recent quarters. Yesterday NVidia announced another great quarter. Thanks HomeLan Federation.
In November, Nvidia was hit by news of an inquiry into alleged insider trading by company employees. The latest SEC probe stemmed from the commission's review of e-mail messages Nvidia had provided as part of the insider trading inquiry. On Thursday, Nvidia said the SEC was looking into the timing of up to $3.6 million in product costs recorded in the second and third quarters of its 2001 fiscal year. In addition, the company said the SEC was examining the recording of reserves in the fourth quarter of its 2000 fiscal year should and the first quarter of its fiscal 2001 year. Nvidia's fiscal 2001 year ended in January 2001.
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