Charles Liang, CEO of Super Micro Computer Inc., at the Computex conference in Taipei, Taiwan on June 5, 2024.
Annabelle Chih | Bloomberg | Getty Images
Super Micro Computer After the special committee gave its verdict, it increased by more than 20% “No Evidence of Malpractice” The AI server maker was confused and hired a new chief accounting officer.
“The evidence reviewed by the special committee did not raise any substantial concerns about the integrity of Supermicro’s senior management or the audit committee or their commitment to ensure that the company’s financial statements are objectively accurate,” the company said in a statement.
Super Micro is currently seeking a new Chief Financial Officer and is looking to fill additional financial leadership positions. The company has appointed Kenneth Cheung, currently vice president of finance and corporate controller, as its chief accounting officer.
The news from Super Micro Computer comes on the heels of a turbulent year for the company. Stocks then fell in August The Hindenburg research revealed a small niche At the company, “fresh evidence of accounting manipulation” was found and the company delayed the release of its annual filing.
Those troubles continued, as well Ernst & Young resigns That is Auditor of the company in October Due to concerns about board governance and independence. The stock is up nearly 30% this year, after giving back much of its rally. Last month, the company Avoided potential invalidation From the Nasdaq after its gigantic plunge.
Among the findings, the committee ruled that the conclusions reached by Ernst & Young in its resignation were “not supported by the facts” and that the firm’s audit committee “demonstrated appropriate independence and generally provided appropriate oversight.”
The special committee consisted of a member of the Super Micro Board, counsel from Cooley LLP and a team from forensic accounting firm Secretariat Advisors.
