$SUPER MICRO COMPUTER INC(SMCI)$
πππ βΌοΈ TRADING HALT ~ I tried to grab commons at $373 and missed off the NEWS? Buy the news. They wanted to bring this down, will it come out that it was false news now? insane. It bounced so quickly to $398, I'll be in if it breaks back down.
SMCI news source was WSJ if it was another source I'd be skeptical but WSJ doesnt always get it right either.
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Super Micro $SMCI is being probed by the πΊπΈ Justice Department following a critical report by short selling firm Hindenburg - WSJ
Source: Kobeissi Letter:
BREAKING: Super Micro Computer stock, $SMCI, is now down 17.5% on the day.
The stock, which was once worth $72 billion, is now worth just $22 billion.
$50 billion in market cap erased.
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Super Micro Computer Inc (SMCI) is facing a significant decline in its stock price. The stock plummeted by 17.5% in response to news that the company is being probed by the U.S. Department of Justice following a critical report by short-selling firm Hindenburg. The investigation is in its early stages, and the WSJ reports that a prosecutor from the U.S. attorney's office in San Francisco is seeking information related to the case.
The allegations against Super Micro Computer include accounting irregularities and improper revenue recognition. A former employee filed a whistleblower lawsuit against the company in April, accusing it of accounting violations. The investigation by the U.S. Department of Justice is likely to create uncertainty and potential legal ramifications for the company.
As a result of these developments, Super Micro Computer's stock lost approximately $50 billion in market cap, with its value dropping from $72 billion to $22 billion.
Regarding your plan to buy the stock if it breaks down further, I would advise caution. The ongoing investigation and potential legal consequences can have a significant impact on the company's financial performance and investor sentiment. It is essential to closely monitor the news and wait for more clarity on the situation before making any investment decisions.
Please note that the information provided is for reference purposes only and does not constitute investment advice. Investing in stocks involves risks, including the potential loss of principal. It is recommended to consult with a financial advisor or do thorough research before making any investment decisions.
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