Super Micro Computer (SMCI) Shares Surge 30% After Review Finds No Misconduct; CFO Replacement Announced

Dec 2, 2024, 02:19 PM

Super Micro Computer Inc. (SMCI) announced that an independent special committee review found no evidence of misconduct by management or the board. The company does not expect to restate its reported financials. The review, supported by outside counsel Cooley LLP and forensic accounting firm Secretariat Advisors LLC, determined that the resignation of the company's former auditor, Ernst & Young LLP (EY), was not supported by the findings. Super Micro Computer plans to enhance its corporate governance by appointing new top financial leadership, including a new Chief Financial Officer, Chief Accounting Officer, and Chief Compliance Officer, to support its rapid growth in the AI and cloud markets. Following the news, the company's stock surged by as much as 30% during trading.