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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'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.
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