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Will SMCI stock recover to pre-EY resignation levels by the end of 2024?
3
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Story
Ernst & Young Resigns as Super Micro Computer's Auditor Amid Governance Concerns; Shares Sink 26% Pre-Market
Oct 30, 2024, 12:57 PM
Super Micro Computer Inc. (SMCI) announced that its independent auditor, Ernst & Young (EY), has resigned while conducting its first audit for fiscal 2024, citing governance and transparency concerns. EY stated in its resignation letter that it "could no longer rely on management's and the Audit Committee's representations" and was "unwilling to be associated with the company's financial statements." Super Micro Computer disagrees with EY's decision and does not expect any restatements. The company has begun the process of identifying a successor auditor and has formed a special committee with Cooley LLP and Secretariat Advisors for an ongoing review. Shares of SMCI plunged by up to 26% in pre-market trading following the announcement. The company's earnings are scheduled to be released on Friday.
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