Super Micro Computer Inc Raises Shares After Auditor Appointment
Shares of Super Micro Computer Inc (NASDAQ:SMCI) experienced a significant increase on Monday evening after announcing BDO USA as its new auditor. The company also submitted a plan to Nasdaq for more time to comply with listing rules.
By 18:32 ET (23:32 GMT), Super Micro's shares had surged by 36%, reaching $29.30.
The server manufacturer stated it expects to complete its annual and quarterly reports but did not specify a timeline for this completion.
Super Micro’s President and CEO, Charles Liang, commented, "BDO is a highly respected accounting firm with global capabilities. This is an important next step to bring our financial statements current, an effort we are pursuing with both diligence and urgency."
Prior to this, Super Micro’s shares had plunged in October after Ernst & Young resigned as the auditor, citing issues with internal controls and board independence. The company was also under federal investigation linked to a short seller's report, leading to delays in filing its 2024 financial reports.
Comments (11)
Bidexlois
15:26 - 17/12/2024
Good
Anthony Abokwen
07:55 - 17/12/2024
These is an awesome development with the Super Micro - Computer especially at this season. All the best.
Vantho99
14:29 - 14/12/2024
Very good
Rebecca
19:41 - 13/12/2024
Good
Adeshina Ayodele
05:43 - 08/12/2024
Wow