All articles tagged with #accounting irregularities
Carvana’s stock fell about 9% after Gotham City Research accused the company of accounting irregularities and undisclosed related-party transactions, highlighting DriveTime and Bridgecrest ties and claiming earnings were overstated by more than $1 billion; the report suggests potential restatements and delays for 2023–2024 disclosures, with Carvana having not yet commented.
Super Micro Computer, Inc. faces a potential delisting from Nasdaq following the resignation of its auditor, Ernst & Young, amid allegations of accounting irregularities and export control violations. This delisting could trigger an early repayment of $1.725 billion in bonds if the company's shares are not re-listed. Super Micro is working on a compliance plan to extend the deadline for submitting audited financials, while maintaining confidence in its ability to manage its debt due to a substantial cash reserve. Shares have fallen 3.5% amid these developments.