The delisting process of Super Micro Computer, the manufacturer of Supermicro brand servers, may begin on Monday, if the company does not submit its compliance plan to the US Securities and Exchange Commission (SEC). Meanwhile, the price of the company’s shares is in deep flight, all while the demand for Supermicro servers has increased enormously in the recent period thanks to the AI hype.
First, Super Micro Computer must urgently answer the SEC when it intends to submit its audited financial report for the 2024 business year, which the company has been in debt with since the summer, and what reasons led to the company’s eventual failure to do so on time. submit a financial report.
The first concerns about the manufacturer’s accounting appeared in the summer, when Hindenburg Research, an independent financial analysis company helping investors, accused the company’s management of accounting manipulation. A day later, Super Micro announced that it was delaying the publication of its annual report due to certain “internal process reviews” related to the compilation of its accounting.
Behind the scenes, the company’s auditor already indicated in July that concerns had arisen regarding the compilation of the company’s annual financial report, after which Super Micro launched an internal investigation.
Subsequently, in September, based on the allegations of a former employee, the American Department of Justice also launched an investigation against the company.
AWS’ domestic online meetup series continues with CI/CD!In the fifth station of the series on December 12, we will present the AWS CodeCatalyst platform and the open source Dagger. |
AWS’ domestic online meetup series continues with CI/CD!
In the fifth station of the series on December 12, we will present the AWS CodeCatalyst platform and the open source Dagger.
Ernst & Young decided to withhold its name from Super Micro’s report during an internal investigation at the company. According to the auditor’s statement, the auditors can no longer work with the management and the audit committee.
Since then, investors have been running away from the papers, and the case is also extremely damaging to the company’s prestige, which can be a blow to the mills of big rivals such as Dell or HPE. The company’s roller-coaster ride on the stock market is well illustrated by the fact that the value of the papers rose fourteen-fold from the end of 2022 to the peak in March this year, but since then the price has fallen by 85% in As compiled by CNBC.
If Supermicro’s management can provide a satisfactory answer to the concerns of the stock exchange supervision by today’s deadline, it may be given another deadline of 180 days to submit the annual financial report. The company said last week that it will do everything in its power to stay on the stock exchange.
This is not the first time that the company finds itself in a similar situation: between 2015 and 2017, the company repeatedly missed reporting deadlines, as a result of which it was delisted from the American stock exchange in 2017, and the paper was allowed to enter trading again two years later.
Source: www.hwsw.hu
