根据超微周三提交的8-K文件，安永对该公司在诚信和道德方面的承诺提出了质疑，只同意超微8-K文件中的部分内容。在辞职信中，安永表示：Source: Wall Street View, author: Zhao Yuhe.
Media reports that Ernst & Young has resigned from the audit work of Super Micro Computer due to concerns about the company's governance and transparency, questioning the company's commitment to integrity and ethics. Super Micro states that they do not agree with Ernst & Young's decision and do not believe that "the resolution of any issues raised by Ernst & Young" would result in the restatement of financial reports for the fiscal year 2024 or any prior quarters.
Previously troubled popular AI stocks $Super Micro Computer (SMCI.US)$ Plunged more than 34% at the opening on Wednesday. According to media reports, Ernst & Young LLP has resigned from the audit work of Super Micro Computer due to concerns about the company's governance and transparency.
According to the 8-K filing submitted by Super Micro on Wednesday, Ernst & Young raised questions about the company's commitment to integrity and ethics, only agreeing with certain parts of Super Micro's 8-K filing. In the resignation letter, Ernst & Young stated:
"We have decided to resign due to information we have recently received, which has led us to be unable to continue to rely on management and the audit committee's representations, and are unwilling to be associated with financial statements prepared by management. We have ultimately concluded that we cannot continue to provide audit services in compliance with relevant laws or professional obligations."
Super Micro states that they do not agree with the accounting firm's decision and do not believe that "the resolution of any issues raised by Ernst & Young" would result in the reissuance of financial reports for the fiscal year 2024 or any prior quarters, and has started to look for a new auditing firm.
The Special Committee of the company has not yet received all the relevant information needed for the financial review, and the financial review has not yet reached a conclusion. Nevertheless, the company has taken Ernst & Young's concerns seriously and will carefully consider the committee's findings and any recommended remedial or other measures after the Special Committee reaches a conclusion.
This news caused Super Micro Computer to plummet by 38% in pre-market trading on Wednesday, with the maximum drop after the opening exceeding 34%. It closed with a narrower decline of less than 33%, at $33.07.
Last month, there were reports in the media that the US Department of Justice was investigating allegations by a former Super Micro employee of accounting rule violations. Short-selling institution Hindenburg Research later referenced these allegations in a research report on Super Micro, citing evidence of "obvious accounting fraud, undisclosed related-party transactions, sanctions and export control errors, and customer issues." In August, Super Micro announced a delay in filing its annual financial documents, while a special committee is evaluating the internal control status of the financial reports.
Super Micro has had disputes with regulatory agencies in the past due to accounting practices. In 2020, the company paid a $17.5 million fine to the US Securities and Exchange Commission (SEC) for charges of premature and improper revenue recognition.
Hindenburg founder Nathan Anderson commented in a post on the X platform:
"As for the auditor's statement, the resignation letter from Ernst & Young to Super Micro was so strongly worded, it's almost the strongest I've ever seen."
Super Micro Computer sells high-performance servers for AI datacenters and has seen a sharp increase in product demand driven by the artificial intelligence boom. Super Micro's customers include institutions like Nvidia, AMD, and Intel, important participants in the AI field. Earlier this year, the company's stock price quadrupled at one point. Since then, market enthusiasm has waned, and as of Tuesday's close, Super Micro's stock has risen by about 73% this year.
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