Super Micro Computer (SMCI) stock drops 25% on delayed 10-K filling

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Super Micro Computer (SMCI) stock drops 25% on delayed 10-K filling

Investing.com08-28

Super Micro Computer (NASDAQ:SMCI) disclosed an expected delay in filing its Annual Report on Form 10-K for the fiscal year ended June 30, 2024. At 10:12 EST (14:12 GMT) SMCI stock was down 24.1%. The...

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kylyn
·08-28
25% is just the beginning
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unreasonable effort or expense.</p>\n<p>SMCI said it needs additional time for its management to complete the assessment of the design and operating effectiveness of its internal controls over financial reporting as of June 30, 2024.</p>\n<p>The company confirmed there have been no updates to its fiscal year and quarter results previously announced on August 6, 2024.</p>\n<p>SMCI shares fell 2.6% yesterday after the release of a critical report from Hindenburg Research, which targeted the company's accounting practices and corporate governance.</p>\n<p>The report's concerns focus on accounting practices that may be seen as red flags, specifically relating to how the company recognizes revenue and its re-engagement with executives previously involved in accounting scandals.</p>\n<p>Super Micro Computer, which has a market valuation of $35 billion, has faced challenges in the past, including a delisting from Nasdaq in 2018 due to the non-filing of financial statements.</p>\n<p>Related Articles</p>\n<p>Super Micro Computer (SMCI) stock drops 25% on delayed 10-K filling</p>\n<p>Morocco stocks higher at close of trade; Moroccan All Shares up 0.22%</p>\n<p>Hedge funds trimmed Magnificent 7 and Nvidia exposure in Q2 and Q3: JPM</p>\n</body></html>","source":"yahoofinance","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Super Micro Computer (SMCI) stock drops 25% on delayed 10-K filling</title>\n<style 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stock was down 24.1%.\nThe...</p>\n\n<a href=\"https://finance.yahoo.com/news/super-micro-computer-smci-stock-151149982.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SMCI":"超微电脑","LU1861215975.USD":"贝莱德新一代科技基金 A2","BK4170":"电脑硬件、储存设备及电脑周边","LU0053671581.USD":"摩根大通美国小盘成长股 A(dist)","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","BK4585":"ETF&股票定投概念","BK4588":"碎股"},"source_url":"https://finance.yahoo.com/news/super-micro-computer-smci-stock-151149982.html","is_english":true,"share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","article_id":"2462397460","content_text":"Super Micro Computer (NASDAQ:SMCI) disclosed an expected delay in filing its Annual Report on Form 10-K for the fiscal year ended June 30, 2024.\nAt 10:12 EST (14:12 GMT) SMCI stock was down 24.1%.\nThe company plans to submit a Notification of Late Filing on Form 12b-25 on August 30, 2024, stating that filing the Annual Report within the prescribed time frame would require unreasonable effort or expense.\nSMCI said it needs additional time for its management to complete the assessment of the design and operating effectiveness of its internal controls over financial reporting as of June 30, 2024.\nThe company confirmed there have been no updates to its fiscal year and quarter results previously announced on August 6, 2024.\nSMCI shares fell 2.6% yesterday after the release of a critical report from Hindenburg Research, which targeted the company's accounting practices and corporate governance.\nThe report's concerns focus on accounting practices that may be seen as red flags, specifically relating to how the company recognizes revenue and its re-engagement with executives previously involved in accounting scandals.\nSuper Micro Computer, which has a market valuation of $35 billion, has faced challenges in the past, including a delisting from Nasdaq in 2018 due to the non-filing of financial statements.\nRelated Articles\nSuper Micro Computer (SMCI) stock drops 25% on delayed 10-K filling\nMorocco stocks higher at close of trade; Moroccan All Shares up 0.22%\nHedge funds trimmed Magnificent 7 and Nvidia exposure in Q2 and Q3: JPM","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":0,"commentSize":1,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}