Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Intel Corporation (INTC) -- Ignore unavailable to you. Want to Upgrade?

To: Paul Engel who wrote (158851)	2/14/2002 8:46:52 PM
From: Paul Engel	Read Replies (2) \| Respond to of 186894

NronVidia anyone? Nvidia says it is under SEC scrutiny By EBN Feb 14, 2002 (2:32 PM) URL: ebnews.com Nvidia Corp., Santa Clara, Calif., today announced that, in response to an inquiry from the Securities and Exchange Commission (SEC), it is conducting an internal review of the recording of certain reserves and the timing of recording certain expenses relating to the fourth quarter of fiscal 2000, and the first three quarters of fiscal 2001. Nvidia said it believes that the SEC, together with the U.S. Attorney's Office, has authorized an investigation and interviewed at least one former Nvidia employee. Fiscal 2000 ended on January 30, 2000 and fiscal 2001 ended on January 28, 2001. In connection with the SEC's previously announced investigation of alleged insider trading by certain non-executive employees, Nvidia provided emails and other materials to the SEC for the period from December 1999 to March 2000. According to the company, based on its review of these materials, the SEC informed Nvidia in January 2002 of specific questions relating to 1) the recording of reserves in the fourth quarter of fiscal 2000 and the first quarter of fiscal 2001; and 2) the possibility that certain product costs of up to $3.6 million should have been recorded in the first quarter of fiscal 2001, but were recorded in the second and third quarters in that same year. "Nvidia is cooperating fully with the SEC, and in accordance with their suggestion and advice, has launched an independent review of these transactions. The review will also include other periods," the company said. 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 is committed to fully and fairly reporting its financial performance. Upon completion of the review, Nvidia intends to take all required and appropriate actions," the company added.