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Super Micro's Review Finds No Misconduct; No Restatement Needed as Shares Surge Over 30%

Dec 2, 2024, 02:30 PM

Super Micro Computer, Inc. (SMCI) announced the completion of an independent special committee review, which found no evidence of misconduct or fraud by the company's management or Board of Directors. The committee, supported by outside counsel Cooley LLP and forensic accounting firm Secretariat Advisors, LLC, determined that no restatement of reported financials is expected. The company also announced plans to replace CFO David Weigand and General Counsel to strengthen its governance and compliance measures amid rapid growth in AI and cloud markets. The review noted that the resignation of former auditor Ernst & Young LLP was not supported by the committee's findings. Following the announcement, Super Micro's stock surged over 30%, reaching above $42 per share.