SMCI Exit while you can

Mickey082024
10-31

Super Micro Computer's shares plunged after its auditor, Ernst & Young, resigned, citing governance, transparency, and ethical concerns.

Super Micro Computer SMCI plunged 32.68% to close at $33.07.

The stock’s intraday high was $38, and it hit a low of $32.2.

Its 52-week range is $22.66 to $122.9.

Concerns about the company's financial reporting and internal controls surfaced on Aug. 27 when short seller Hindenburg Research accused Super Micro of accounting manipulation, export control failures, customer issues and other problems. The next day, Super Micro announced a delay in filing its annual 10-K report with the SEC.

In late September, the Wall Street Journal reported that the U.S. Department of Justice is investigating Super Micro for alleged accounting irregularities.

The lack of an auditor and the tight timeline the stock is not a buy with too much risk.

SMCI Jumps on New Auditor: Will it Return to $30?
SMCI rebounds 16% on Monday and rises another 30% on Tuesday as the company jumps on compliance plan and new auditor. ----------- Is it a comeback or a dead cat bounce? Will SMCI delist? Exit ASAP or not? What's your target price for SMCI?
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Comments

  • Dumplinggogh
    11-01
    Dumplinggogh
    But isn't it a super profitable firm too?
  • Sandyboy
    11-01
    Sandyboy
    Don’t know how much of the revenue and profit is cooked
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