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Super Micro Computer Faces DOJ Probe Over Alleged Accounting Violations, Stock Down 14%

Sep 26, 2024, 02:53 PM

Super Micro Computer (SMCI), a server maker that saw its business grow with the artificial-intelligence boom, is being probed by the U.S. Department of Justice (DOJ) for alleged accounting violations. The investigation follows a critical report by activist short-selling firm Hindenburg Research and accusations from a former employee, as reported by the Wall Street Journal. The probe is in its early stages, and the company's stock has been significantly impacted, being halted multiple times and dropping by as much as 14%. Additionally, Super Micro recently delayed its 10-K filing for FY2024, citing the need for additional time.