Reported 27 days ago
Super Micro Computer reported that Ernst & Young has resigned as its auditor, causing its shares to drop over 30%. This resignation raised concerns among investors about the company's accounting practices, following earlier claims of potential manipulation and a delayed annual report due to internal control assessments. EY cited unreliability in management's representations as the reason for its resignation, while Super Micro disagreed with the decision, asserting it wouldn't affect the restatement of past quarterly reports.
Source: YAHOO