Recap of notable auditor resignations after Super Micro Computer shock

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Nikada/E+ via Getty Images Super Micro Computer (NASDAQ:SMCI) saw nearly a third of its market cap (nearly $9.40B) wiped off on Wednesday after disclosing that its auditor Ernst & Young resigned over ...

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The exit came two months after short-seller Hindenburg Research alleged accounting manipulation at the tech firm, which reportedly led to a federal investigation. \"When an auditor quits with public criticism of the company or due to disagreements with management, it often signals severe underlying accounting issues,\" Olga Usvyatsky, accounting analyst, wrote last week. A look back at other notable auditor resignations this year brought on by a loss of trust in company management: SunPower: EY resigned as SunPower's (OTC:SPWRQ) auditor in June in the wake of allegations of misconduct by senior executives and an SEC subpoena over its accounting practices. The solar firm filed for bankruptcy and was delisted from Nasdaq in August. Rival Complete Solaria (CSLR) recently acquired SunPower's solar panel business for $45M. Tingo: Deloitte Israel in January stepped down as Tingo's (OTC:TIOG) auditor, over a year since it took over as auditor following Friedman's resignation in October 2022. Deloitte Israel's exit followed the SEC uncovering the Nigerian agri-fintech firm's years-long scheme to defraud investors, first brought to light by Hindenburg. Tingo delisted its stock from Nasdaq earlier this year.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2479086688"}