A former strategy director at Super Micro Computer, Bob K. Luong, alleges he was fired for reporting accounting improprieties and SEC violations, including premature revenue recognition and shipping incomplete equipment. Luong's legal team is seeking to advance his whistleblower complaint against the company and its CEO, Charles Liang, who denies the allegations, claiming Luong engaged in abusive behavior and failed to cooperate in an internal investigation. Luong's attorney argues that he was dismissed for insisting on legal compliance during the investigation.
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 shares fell 17% after the company announced it has no timetable for filing annual results and issued weak guidance, with revenue for the quarter ending Sept. 30 falling short of estimates. The company is under scrutiny following the resignation of its auditor, Ernst & Young, amid allegations of accounting irregularities and potential export violations. Super Micro's forecast for the December quarter also disappointed analysts, raising concerns about its future on the Nasdaq.
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.
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