Shares of Super Micro Computer surged more than 30% after a special committee ruled it found 'no evidence of misconduct' at the embattled AI server maker.
Super Micro shares soared on Monday after the company reiterated that a special committee found "no evidence of misconduct" at the embattled server maker.
Super Micro said the special committee report recommended that it replace its current CFO, David Weigand, and that the process is underway. The company appointed Kenneth Cheung, who is currently vice president of Finance, as its accounting chief. Super Micro shares have rallied of late and are now up about 48% this year. However, they're still down about 65% from their March high on governance concerns., and Super Micro has yet to file audited financials for the fiscal year ended June or the most recent quarter. The stock sank in August afterSuper Micro still faces the potential to be delisted from the Nasdaq because of its delayed financial reports. The company says it's confident that it will be able to keep its listing.
In a note to clients on Monday, analysts at JPMorgan said the "next key watch points" are whether BDO accepts the committee's finding or decides to "undertake their own independent review," and "whether Nasdaq supports Super Micro's request for an extension of time to regain compliance."
Markets Breaking News: Technology Technology Breaking News: Markets Nasdaq Inc NVIDIA Corp Business News
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Super Micro shares soar 30% after company names new auditor to help keep Nasdaq listingSuper Micro, which has been battered by bad headlines in recent weeks, said on Monday that it hired BDO as its independent auditor.
Read more »
Super Micro says cannot predict timing of annual filing; shares downSuper Micro says cannot predict timing of annual filing; shares down
Read more »
Super Micro shares plunge 17% after company says no timetable for annual results, issues weak guidanceSuper Micro, the embattled server maker, reported preliminary first-quarter results on Tuesday.
Read more »
Super Micro shares plummet 22% after financial update heightens investor concernsSuper Micro’s stock fell to its lowest since mid-2023 on Wednesday after the company issued unaudited quarterly results that added to investor concerns.
Read more »
Super Micro hires new auditor to maintain Nasdaq listing; shares popSuper Micro said on Monday that it hired BDO as its independent auditor.
Read more »
Super Micro shares skyrocket after naming new auditorSuper Micro shares skyrocket after naming new auditor
Read more »