Super Micro (SMCI.US) disclosed before the market opened on Wednesday that its auditor, Ernst & Young, resigned due to disagreements with the company on governance and board independence, causing the stock price to drop more than 30% pre-market.

Ernst & Young stated that the main reason for the resignation was recent information that has attracted market attention, leading the firm to no longer rely on management and the audit committee's statements. In late July, Ernst & Young first pointed out internal financial control, governance, and transparency issues at Super Micro, prompting the company to appoint a special board committee to investigate internal controls.