Super Micro Computer (SMCI) stock drops 25% 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.The company plans to submit a Notification of Late Filing on Form 12b-25 on August 30, 2024, stating that filing the Annual Report within the prescribed time frame would require unreasonable effort or expense.
The company confirmed there have been no updates to its fiscal year and quarter results previously announced on August 6, 2024. The report's concerns focus on accounting practices that may be seen as red flags, specifically relating to how the company recognizes revenue and its re-engagement with executives previously involved in accounting scandals.
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