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Super Micro Clears Misconduct Claims, Stock Surges +20.50% as No Restatements Expected

Dec 2, 2024, 02:10 PM

Super Micro Computer, Inc. (SMCI) announced the completion of an independent review conducted by a special committee supported by external counsel Cooley LLP and forensic accounting firm Secretariat Advisors, LLC. The investigation found no evidence of misconduct by the company's management or board of directors. Additionally, the review determined that the resignation of Ernst & Young LLP, the company’s former registered public accounting firm, and its conclusions were not supported by the findings of the investigation. The committee confirmed the independence of the audit process and stated that no restatement of financials is expected. In response to the review, Super Micro has taken steps to strengthen its governance and compliance measures, including replacing its Chief Financial Officer (CFO) and Chief Accounting Officer (CAO) and accelerating the search for a compliance officer. The company also aims to support its rapid growth in AI and cloud markets. Following the announcement, Super Micro's stock surged, with pre-market trading showing gains of up to +20.50%.