Stock Track | Super Micro Computer Surges 8% in Pre-Market After Probe Finds No Misconduct, Plans for New CFO

Stock Track12-03 17:26

Shares of Super Micro Computer Inc. (SMCI) soared as much as 8% in pre-market trading on Tuesday, extending the previous session's rally fueled by the company's announcement that an independent probe found no evidence of fraud or misconduct.

The artificial intelligence (AI) server maker said on Monday that a special committee formed to investigate allegations of accounting irregularities and corporate governance issues concluded its review and did not uncover any substantial concerns regarding the integrity of senior management or the audit committee.

However, the committee recommended several steps to enhance the company's financial reporting practices and internal controls. These include appointing a new Chief Financial Officer, Chief Accounting Officer, Chief Compliance Officer, and expanding the legal department with a new General Counsel.

Following the positive findings, Super Micro Computer's stock surged 28.7% on Monday, its biggest single-day gain in over a year. The pre-market jump on Tuesday signals continued investor optimism, as the company works to restore confidence and regain compliance with Nasdaq listing requirements.

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