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Auditor Resignation

All articles tagged with #auditor resignation

finance1 year ago

Super Micro's Volatile Journey: Analyst Cautions Amid Stock Swings

Super Micro Computer (SMCI) has faced significant challenges in 2024, including the resignation of auditor Ernst & Young and the threat of NASDAQ delisting due to delayed financial filings. Despite a recent 31% stock surge following the appointment of BDO USA as its new auditor and a compliance plan submission to the SEC, top analyst Nehal Chokshi advises caution. Chokshi highlights the need for improved corporate governance, particularly separating the CEO and Chairman roles, to restore investor confidence. While other analysts rate SMCI as a Hold, Chokshi's rating remains suspended pending further governance clarity.

via TipRanks|
#auditor-resignation#corporate-governance#finance
business1 year ago

Super Micro Faces Delisting Fears Amid Stock Turmoil

Super Micro Computer, once a top-performing stock alongside Nvidia due to the AI boom, has seen its stock drop over 60% since late August amid various challenges. These include a short report by Hindenburg Research alleging accounting issues, a potential Justice Department probe, and the resignation of its auditor, Ernst & Young. The company is also behind on financial reporting, risking Nasdaq delisting. Supermicro's immediate priority is to find a new auditor to regain investor confidence and compliance.

via The Motley Fool|
#ai-technology#auditor-resignation#business
finance1 year ago

Super Micro Faces Delisting Threat Amid Stock Slump

Super Micro Computer's stock dropped 6.3% after announcing it would miss the deadline for its quarterly 10-Q report, following the resignation of its auditor, Ernst & Young, due to concerns over management's financial representations. The company is also at risk of being delisted from Nasdaq for not filing its annual 10-K report. Despite earlier gains from AI trends, the stock is down 29% this year, and investor confidence is shaken by unaudited financial results.

via The Motley Fool|
#auditor-resignation#finance#financial-reports
business1 year ago

Super Micro Faces Financial Turmoil Amid Auditor Exit and Stock Volatility

Super Micro Computer Inc. may face early repayment of $1.725 billion in bonds if delisted from Nasdaq due to accounting issues and auditor resignation. The company's shares have plummeted 81% since March, and its bonds are nearing distress levels. Despite having $2.1 billion in cash, the potential early debt repayment poses a significant risk. Super Micro is working on a compliance plan to avoid delisting.

via Yahoo Finance|
#auditor-resignation#bonds#business
business1 year ago

Super Micro Shares Plummet Amid Weak Forecast and Filing Delays

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.

via TipRanks|
#auditor-resignation#business#financial-fraud
business1 year ago

Super Micro's Future Uncertain Amid Financial and Supply Chain Challenges

Super Micro Computer Inc. is facing potential delisting from Nasdaq and removal from the S&P 500 following the resignation of its auditor, Ernst & Young LLP, due to concerns about the company's integrity and ethics. This development comes after a significant drop in the company's stock value and amid a US Department of Justice investigation and a critical short-seller report earlier this year.

via Bloomberg|
#auditor-resignation#business#nasdaq
business2 years ago

Adani Group Stocks Plunge as Auditor Resigns Amid Hindenburg Report

Shares of Adani Group companies dropped between 3% and 6% after Deloitte resigned as the auditor of Adani Ports, the first such move since the release of the Hindenburg report in January. Deloitte quit due to concerns over related party transactions that the company did not wish to investigate independently. The report by Hindenburg alleged improper use of tax havens and other business dealings, leading to significant market value losses and regulatory investigations. Adani Ports named MSKA & Associates as its new auditor.

via Reuters India|
#adani-group#auditor-resignation#business
business2 years ago

Deloitte's Resignation as Adani Ports Auditor Raises Questions

Deloitte Haskins & Sells has resigned as the statutory auditor of Adani Ports & Special Economic Zone amid concerns over certain transactions, including one with an EPC contractor named in the Hindenburg report. Deloitte issued a "qualified opinion" on Adani Ports' FY23 results due to the company's refusal to conduct an independent external examination. Adani Ports has replaced Deloitte with MSKA & Associates as its new auditor. The resignation has raised fresh scrutiny of the accounting practices at the Adani Group, which had previously replaced Deloitte as the auditor of its UK subsidiaries.

via IndiaTimes|
#accounting-practices#adani-ports#auditor-resignation
business2 years ago

Deloitte Resigns as Adani Ports' Auditor Amidst Concerns and Differences

Deloitte has decided to resign as the auditor of Adani Ports due to concerns over certain transactions flagged in a report by Hindenburg. Deloitte had previously pointed out these transactions in its report and gave a qualified opinion. The move raises questions about the financial management of the Adani Group, which has faced allegations of improper use of tax havens and convoluted related party transactions. Deloitte had asked Adani Ports to conduct an independent inquiry into the flagged transactions, but the company did not agree. Adani Group's stocks lost significant market value following the report but have since recovered.

via Reuters India|
#adani-ports#auditor-resignation#business