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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Win-Lose-Draw who wrote (151194)2/14/2002 5:25:02 PM
From: reaper  Read Replies (3) of 436258
 
NVDA halted -- SEC inquiry??

4:40PM NVIDIA details SEC concerns (NVDA) 62.16 +0.76 (halted): -- Update -- States that the SEC informed company in January 2002 of specific questions relating to 1) the recording of reserves in Q4 of fiscal 2000 and Q1 of fiscal 2001; and 2) the possibility that certain product costs of up to $3.6 mln should have been recorded in Q1 of fiscal 2001, but were recorded in Q2 and Q3 of the same year. The SEC inquiry followed a review of information provided by the co in connection with the SEC's previously announced investigation of alleged insider trading by certain non-executive employees.

4:35PM NVIDIA launches an independent review of transactions (NVDA) 62.16 +0.76: --Update-- In accordance with a suggestion by the SEC, co has launched an independent review of certain transactions. The Audit Committee of the NVIDIA Board of Directors is directing this independent review. 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.

4:29PM NVIDIA blows past estimates; discloses SEC inquiry (NVDA) 62.16 +0.76: -- Update -- Reports Q4 pro forma net of $0.43 a share, $0.09 better than consensus, vs yr-ago EPS of $0.19. Rev rose 129% to $499.9 mln, compared to consensus of $444.56 mln. Announces that in response to an inquiry from the SEC, it is conducting an internal review of the recording of certain reserves and the timing of recording certain expenses.
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