Supermicrocomputer CEO Charles Liang during the AMD AI event in San Jose, California on December 6, 2023.
David Paul Morris | Bloomberg | Getty Images
Super microcomputer AI server company shares 20%% afterward Delayed financial results submitted Nasdaq deadline.
Company auditor BDO Write in the filing Consolidated financial statements for the fiscal year ended June 30, 2024 “in all material respects, the company’s financial position is fairly present” and “compliant with generally accepted accounting principles in the United States
The company also submitted audited financial results in the first two quarters of fiscal 2025 and said in a press release that it had “resigned” the application requirements for Nasdaq.
Super Micro said in a side note from management that it has identified significant weaknesses in internal control financial reporting. These include IT issues, the lack of documentation on manual diary entries, and the inability to control the isolation of personnel responsibilities. Super Micro said it plans to hire other accounting and audit staff and upgrade the IT system.
Super Micro said in the filing that it still faces risks, including potential litigation, lowering credit ratings and reputational damage associated with its later financial reports.
During the AI boom, the AI boom has swept the technology community since the launch of CHATGPT, and the demand for Super Micro servers has accelerated the NVIDIA graphics processing chip. But, due to Hindenburg research, trouble began last year Revealing a shorter positioncompany Delayed release Its annual report and its Auditor exits Due to the concern of governance.
Concerns about potential preferences of Nasdaq have added further pressure on super micro stocks in recent months, down 48% year-on-year. Volatility continued until Tuesday’s offering, with stocks falling nearly 12%.
In December, the company removed its chief financial officer and said the review found “No evidence of misconduct. ” “Be confident” in the company The February 25 deadline will be met and the results will be submitted to the Securities and Exchange Commission.
– CNBC’s Kif Leswing contributed the report
