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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.
Gautam Adani, chairman of the Adani Group, was indicted in New York for a $250 million bribery scheme linked to solar energy contracts, causing a significant drop in his companies' shares. This follows a tumultuous year marked by allegations of fraud from Hindenburg Research, which initially led to a $6 billion loss in Adani's net worth. Despite these challenges, Adani's shares recovered somewhat by the end of 2023, and he regained his status as Asia's richest person in January 2024.
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.
Madhabi Puri Buch, chairperson of SEBI, is set to appear before the Parliament's Public Accounts Committee on Thursday amid accusations of political bias from a senior BJP member. The meeting will focus on the performance review of regulatory bodies, with representatives from the finance ministry and SEBI providing oral evidence. Buch's appearance follows a political controversy sparked by allegations from US firm Hindenburg, which has intensified scrutiny from the ruling party.
Hindenburg Research LLC
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