$SMCI - Super Micro Stock in Free Fall After Auditor Resigns
$SUPER MICRO COMPUTER INC(SMCI)$ - Super Micro Stock in Free Fall After Auditor Resigns
Super Micro Computer plummeted 32% after Ernst & Young, the company's accountant, resigned, according to a securities filing.
"We are 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, and after concluding we can no longer provide the Audit Services in accordance with applicable law or professional obligations," EY said in its resignation letter.
Super Micro said it disagreed with EY's decision to resign.
Image
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
