Reported 27 days ago
Super Micro Computer's stock plummeted over 32% after accounting firm Ernst & Young (EY) resigned, citing concerns over management's representations and its inability to rely on the company's financial statements. This resignation follows troubling allegations of accounting manipulation by Hindenburg Research, which led to delayed filings and a Department of Justice investigation. Super Micro disagrees with EY's decision and is working to appoint new auditors, maintaining that no restatements of prior financial results are expected.
Source: YAHOO