Super Micro Computer Shares Slump After Accounting Firm Resigns

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Super Micro Computer Shares Slump After Accounting Firm Resigns

MT Newswires10-31

Super Micro Computer SMCI.jpg -Shutterstock Super Micro Computer (SMCI) stock plummeted Wednesday after the artificial intelligence server maker said Ernst & Young resigned as its auditor, months ...

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Super Micro hired EY in March 2023 to audit its financial statements for the year ended June 30, 2024. The firm's resignation came while conducting the audit, the filing showed.\n\n EY raised concerns in late July regarding \"several matters relating to governance, transparency and completeness of communications to EY, and other matters pertaining to the company's internal control over financial reporting,\" according to the filing. EY said at the time that the timely filing of Super Micro's annual report was at \"significant risk,\" the Wednesday filing showed. \n\n This prompted the company's board to appoint an independent special committee that engaged Cooley LLP and forensic accounting firm Secretariat Advisors for a probe into the matter. EY informed the special committee that additional information received raised questions about the company's ethical values and the willingness of the board's audit committee and the board itself to \"act as an oversight body that is independent of the (chief executive) and other members of management,\" according to the filing.\n\n EY said in the letter that it is resigning \"due to information that has recently come to our attention which has led us to no longer be able to rely on management's and the audit committee's representations and to be unwilling to be associated with the financial statements prepared by management,\" according to the Super Micro filing.\n\n Super Micro shares were down 31% in Wednesday late-afternoon trade. For the year so far, the stock is up 19%.\n\n The company said it disagrees with EY's resignation decision, as the special committee is yet to conclude the review. Super Micro has started looking for a new public accounting firm, according to the filing.\n\n \"The company does not currently expect that resolution of any of the matters raised by EY, or under consideration by the special committee... will result in any restatements of its quarterly reports for the fiscal year 2024 ending June 30, 2024, or for prior fiscal years,\" the filing showed.\n\n EY didn't respond to MT Newswires' request for comment.\n\n In late August, Super Micro announced an expected delay in the filing of its annual Form 10-K report after short-seller Hindenburg Research accused the company of \"accounting manipulation.\" Last month, Super Micro said it received a noncompliance notice from the Nasdaq for failing to file its 2024 annual report by the Aug. 29 deadline.\n\n The company is scheduled to release its fiscal first-quarter financial results Tuesday.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}