Super Micro Computer stock tanks after accounting firm resigns

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Super Micro Computer stock tanks after accounting firm resigns

Yahoo Finance10-30

Shares of Super Micro Computer (SMCI) cratered Wednesday morning, falling over 30% after a filing revealed accounting firm Ernst & Young (EY) has resigned from its relationship with the tech company. ...

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In Wednesday's 8-K SEC filing, Super Micro wrote it \"disagrees\" with EY's decision.\n\"The Special Committee has not yet obtained all information relevant for the Review and has not concluded the Review,\" Super Micro wrote. \"Nevertheless, the Company has taken the concerns expressed by EY seriously, and will carefully consider the findings of the Special Committee and any remedial or other actions recommended by the Special Committee following conclusion of the Review.\"\nEY's resignation comes two months after a short report from Hindenburg Research alleged, among other things, \"accounting manipulation\" at the AI high flyer.\nAfter rallying earlier in the year as investors cheered SMCI's prospects in the AI data center space, the stock is now down over the past six months.\nIn August, Hindenburg said its three-month investigation \"found glaring accounting red flags, evidence of undisclosed related party transactions, sanctions and export control failures, and customer issues.\" The firm also disclosed it had taken a short position in Super Micro.\nAfter that report, SuperMicro delayed the filing of its annual report, which sent the stock nearly 20% on Aug. 28. Per SuperMicro's SEC filing's page, the company still hasn't filed its annual report for 2024.\nIn September, the Wall Street Journal reported the U.S. Department of Justice is investigating Super Micro Computer is investigating Super Micro. The Journal reported the probe was in an \"early stage,\" citing people familiar with the matter. Additionally, the Journal said a prosecutor at the U.S. attorney’s office in San Francisco had asked for information regarding a former employee who was accused of accounting violations.\n\n\n\n  Super Micro Computer logo is pictured at COMPUTEX Taipei, one of the world's largest computer and technology trade shows, in Taipei, Taiwan May 30, 2023. REUTERS/Ann Wang\n \n\n  REUTERS / Reuters\n \n\nThis story has been updated. \nJosh Schafer is a reporter for Yahoo Finance. Follow him on X @_joshschafer.\nClick here for in-depth analysis of the latest stock market news and events moving stock prices\nRead the latest financial and business news from Yahoo Finance","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-2","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}