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Super Micro's Auditor Ernst & Young Resigns Over Governance Concerns, Citing Doubt in Management; Shares Plunge 35%

Oct 30, 2024, 01:04 PM

Super Micro Computer Inc. (SMCI) announced that its independent auditor, Ernst & Young (E&Y), has resigned due to governance and transparency concerns, citing doubts about the Board's integrity and the reliability of the company's financial statements. E&Y stated they can no longer rely on management's and the Audit Committee's representations and are unwilling to be associated with the financial statements prepared by management. This follows the company's dismissal of its previous auditor, Deloitte, in March 2023. The resignation has caused Super Micro's shares to plunge over 35% in pre-market trading. The company disagrees with E&Y's decision to resign and does not currently expect any restatements. Super Micro 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.