Super Micro Computer (SMCI) stock drops 10% on delayed 10-K filling
) disclosed an expected delay in filing its Annual Report on Form 10-K for the fiscal year ended June 30, 2024. SMCI stock fell 10% in premarket Wednesday trading.
SMCI said it needs additional time for its management to complete the assessment of the design and operating effectiveness of its internal controls over financial reporting as of June 30, 2024. SMCI shares fell 2.6% yesterday after the release of a critical report from Hindenburg Research, which targeted the company's accounting practices and corporate governance.
Super Micro Computer, which has a market valuation of $35 billion, has faced challenges in the past, including a delisting from Nasdaq in 2018 due to the non-filing of financial statements.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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