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Hindenburg Shorts Super Micro: Shares Plunge 15% Amid Accounting Manipulation Allegations and Form 10-K Delay

Aug 28, 2024, 01:05 PM

Hindenburg Research has disclosed a short position in Super Micro Computer Inc. (SMCI), alleging serious financial misconduct. The report accuses the company of accounting manipulation, sibling self-dealing, sanctions evasion, and deteriorating product quality. Following the release of the report on August 27, 2024, Super Micro's stock experienced a significant decline, dropping by 9% pre-market and continuing to fall throughout the day. The company has also announced a delay in filing its Form 10-K for the fiscal year ending June 30, 2024, citing the need for additional time to assess its internal controls over financial reporting. This delay has further impacted the stock, which has now plummeted by 15%. The allegations and subsequent stock decline have raised concerns about the company's governance and financial practices.