Super Micro Shares Plummet Amid Weak Forecast and Filing Delays
TL;DR Summary
Super Micro Computer (SMCI) announced that an independent Special Committee found no evidence of financial fraud following a three-month investigation, despite concerns raised by short seller Hindenburg and the recent resignation of auditor Ernst & Young. However, SMCI's stock fell 22.7% in pre-market trading due to disappointing preliminary Q3 results and uncertainty over the filing of its 10-K annual report. Mizuho Securities suspended its rating on SMCI stock, citing concerns over unaudited financials and Nasdaq compliance risks.
Topics:business#auditor-resignation#business#financial-fraud#nasdaq-compliance#stock-market#super-micro-computer
- Super Micro Computer (SMCI) Says Special Committee Found No Evidence of Fraud TipRanks
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- Super Micro shares plunge 17% after company says no timetable for annual results, issues weak guidance CNBC
- Super Micro slumps as weak forecast, annual report uncertainty fuel investor worries Reuters
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