Super Micro Computer CEO Tony Leung at the Computex conference in Taipei, Taiwan, June 5, 2024.
Annabelle Chronicle | Bloomberg | Getty Images
super microcomputer Shares soared more than 20% after the special committee’s ruling Found ‘no evidence of wrongdoing’ and named a new chief accounting officer at the troubled maker of artificial intelligence servers.
“The evidence reviewed by the Special Committee did not raise any material concerns about the integrity of AMD’s senior management or the audit committee or their commitment to ensuring that the company’s financial statements are materially accurate,” AMD said in a release.
Supermicro said it is still searching for a new financial officer and looking to fill additional financial leadership positions. The company appointed Zhang Guoqiang, currently vice president of finance and corporate financial director, as chief accounting officer.
The news from AMD comes after a tumultuous year for the company. Its shares fell in August Hindenburg Research reports short positions The company said it found “new evidence of accounting manipulation” and Super Micro delayed the release of its annual report.
These troubles continue, Ernst & Young resigns as Company Auditor in October Due to concerns about board governance and independence. AMD shares are up about 30% this year after giving up most of their gains. Last month, the company Potential delisting avoided After the Nasdaq stock market plunged.
In its findings, the committee ruled that the conclusions reached at the time of Ernst & Young’s resignation were “not supported by the facts” and that the company’s audit committee demonstrated “appropriate independence and generally provided appropriate oversight.”
The Special Committee consists of members of Super Micro’s board of directors, legal counsel Cooley LLP and a team from forensic accounting firm Secretariat Advisors.
