Ernst & Young Resigns as Super Micro Computer's Auditor-To The Moon - Tiger Brokers Online Investing Community - To The Moon

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Ernst & Young Resigns as Super Micro Computer's Auditor

Dow Jones10-30

By Dean Seal

Ernst & Young has resigned as the auditor for Super Micro Computer after finding that it can no longer rely on management's misrepresentations.

Super Micro disclosed the resignation in a securities filing on Wednesday, sending shares sharply lower. The stock opened the market down 29% at $34.95.

EY resigned while auditing Super Micro's results for the fiscal year that ended June 30. The maker of server and computer products said it is looking for a new accounting firm to step in.

The Big 4 accounting firm told Super Micro in July that it had concerns about the company's internal controls over financial reporting as well as the completeness of its communications with EY.

In a letter that EY sent Super Micro on Oct. 24, the firm said it was "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."

EY said it was unwilling to be associated with any statements that management prepares.

Super Micro said Wednesday that it doesn't agree with EY's decision to resign but takes its concerns seriously.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

October 30, 2024 09:34 ET (13:34 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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The stock opened the market down 29% at $34.95. \n\n\n  EY resigned while auditing Super Micro's results for the fiscal year that ended June 30. 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