超微电脑周一表示，一个独立的特别委员会没有发现董事会或审计委员会存在不当行为的证据。该公司还表示，预计不会根据该委员会的审查结果重述其财务报表，不过该委员会确实建议聘请一位新的首席财务官。JPMorgan, the investment firm, stated that it will adopt a wait-and-see approach towards super micro computer until a better understanding of compliance issues is achieved.
Although$Super Micro Computer (SMCI.US)$An independent special committee appointed by the board of directors found no misconduct, but the investment firm JPMorgan stated that it will maintain a wait-and-see approach towards super micro computer until there is a better understanding of compliance issues. JPMorgan analyst Samik Chatterjee has maintained a 'shareholding' rating on super micro computer.
Chatterjee stated, 'We believe the next key issues for investors to focus on include: whether the new independent auditor BDO will accept the special committee's findings or decide to conduct its own independent review; and whether nasdaq will support super micro computer's request for an extension to regain compliance with nasdaq listing requirements. Super micro computer has outlined its intention to complete the 10-K and 10-Q filings within the compliance deadlines.'
Super micro computer announced on Monday that an independent special committee found no evidence of misconduct by the board of directors or the audit committee. The company also stated that it does not expect to restate its financial statements based on the committee's review, however, the committee did recommend hiring a new chief financial officer.
The company stated that it will immediately begin searching for a new chief financial officer. Current CFO David Weigand will continue in the position until a successor takes over. On Monday, the company noted in a statement that the special committee has completed a comprehensive review and confirmed that the conclusions drawn by the former auditor at the time of resignation 'are inconsistent with the facts found during the review.' This statement boosted market confidence. As a result, the company's stock price jumped nearly 29% on Monday. On Tuesday pre-market, the company’s stock price continued to rise, with an increase of over 7% as of the time of reporting.
With the rise of the ai trend, super micro computer has gained market attention due to increased demand for its AI application servers. However, the company also faces some challenges, including failing to submit financial reports on time and changing auditors. In the 19 trading days in November, the stock experienced over a 10% increase or decrease on 10 days.
Previously, the company's auditor Ernst & Young resigned. Super micro computer stated that it expects to submit financial reports on time and will not need to revise past financial reports. However, due to the failure to submit its annual report and the financial report for the most recent quarter on time, the company still faces the risk of being delisted from nasdaq.
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