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Super Micro Computer has received a Nasdaq extension until February 25, 2025, to file its overdue financial reports, allowing its stock to remain listed during this period. The company, facing potential delisting due to late filings and past auditor changes, expects to submit the necessary documents by the deadline. Despite recent challenges, including a significant drop in stock value, Super Micro anticipates a 67% sales growth to approximately $25 billion in fiscal 2025, driven by demand for Nvidia-based AI computer clusters.
Super Micro Computer shares surged over 30% after appointing BDO as its new auditor and submitting a compliance plan to Nasdaq, aiming to retain its listing. Despite this rebound, the company has lost about 75% of its value since March, amid ongoing scrutiny over accounting practices and a DOJ probe. Super Micro, a key player in the AI sector, reported sales exceeding $15 billion last fiscal year, but has faced significant challenges following a delay in filing its annual report.
Super Micro Computer has appointed BDO as its new auditor and submitted a compliance plan to Nasdaq, resulting in a 23% surge in shares. The company is working to file its overdue 2024 year-end report after facing scrutiny over accounting practices and a DOJ probe. Despite recent challenges, Super Micro"s sales have more than doubled, driven by its partnership with Nvidia.
Super Micro faces potential delisting from Nasdaq due to a late filing of its 2024 year-end report and ongoing compliance issues, including a history of financial misstatements. The company has until Monday to submit a compliance plan, which could grant it an extension of up to 180 days. However, its past compliance history may hinder its chances, as analysts express concerns about customer retention amid these challenges.
Super Micro's stock plummeted 45% this week, erasing all gains for 2024, after losing its second auditor in less than two years. The company faces scrutiny from the DOJ over potential accounting manipulation and related-party transactions, raising concerns about its compliance with Nasdaq listing rules. Despite reporting a significant revenue increase, the ongoing challenges have left Super Micro at risk of delisting.
Super Micro's stock has plummeted 72% since its peak in March, following the resignation of its auditor, Ernst & Young, raising delisting risks from Nasdaq. The company, a key player in AI server solutions, faces scrutiny over financial reporting and potential accounting manipulation, with a deadline to regain compliance by mid-November. Despite significant revenue growth, Wall Street's confidence has waned, highlighting the volatility surrounding AI-related investments.
The Public Company Accounting Oversight Board (PCAOB) has fined five firms, including Ernst & Young (EY), for failing to comply with audit committee communication rules. EY faces a $45,000 penalty, while Accell Audit & Compliance will pay $40,000, and Crowe MacKay and Grant Thornton are each fined $30,000. This enforcement action is part of the PCAOB's ongoing efforts to ensure adherence to reporting requirements, with a total of 17 firms sanctioned since July 2023.
Ernst & Young
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