Stock Track | Super Micro Computer Soars 21% as Accounting Probe Clears Management

Stock Track12-03 17:26

Shares of Super Micro Computer Inc. (SMCI) surged 21.05% in intraday trading on Monday, as the server maker and artificial intelligence play announced positive findings from an internal investigation into its accounting practices.

The company revealed that an extensive review led by a special committee of its board alongside external legal counsel and forensic accountants found no evidence of fraud or misconduct by management. This comes as a relief following Super Micro's resignation from Ernst & Young, its former auditor, which had raised concerns over the company's governance and transparency.

With the cloud of accounting irregularities seemingly lifted, investors are bullish on Super Micro's prospects in the high-growth AI server market. The company plans to appoint new leadership in key financial roles, including a new chief financial officer, chief accounting officer, and chief compliance officer, as it looks to regain credibility and focus on its business operations.

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