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Super Micro Stock Plummets 20% Amid Hindenburg Short and 10-K Filing Delay

Aug 28, 2024, 01:07 PM

Hindenburg Research has taken a short position against Super Micro Computer Inc., citing allegations of accounting manipulation, sibling self-dealing, and sanctions evasion. The accusations have led to a significant drop in Super Micro's stock price, which fell by 8% pre-market and continued to decline throughout the day. The company's shares have been under pressure as major clients reportedly shift to competitors like Dell. Hindenburg's report claims to have uncovered glaring accounting red flags and undisclosed related party transactions. Super Micro, described as an AI high flyer, has seen its stock drop 50% over the past three months. In response to these allegations, Super Micro has delayed its Form 10-K filing for the fiscal year 2024, stating that additional time is needed to assess internal controls over financial reporting. This delay has further impacted the company's stock, which has now fallen over 20% in a single day.