A new chief financial officer will be appointed.
On Monday, super micro computer's stock rose over 20% in the usa, currently reported at 39.24 dollars.
In terms of news, super micro computer completed the review of the independent special committee, which found no evidence of any misconduct. At the same time, Kenneth Cheung, the former vice president of finance, will become the company's new chief accounting officer.
Super micro computer stated that the special committee had no objections regarding the revenue recognition conclusions for any quarter between April 2023 and June 2024.
What has happened recently with super micro computer?
Super micro computer was once an "AI bull stock"; from early 2022 to March 2024, super micro computer's stock price rose over 20 times in two years, with its market cap once nearing 70 billion dollars. However, since mid-March, super micro computer's stock price has continued to adjust significantly.
In recent months, super micro computer has truly experienced a stormy period.
First, it was attacked by the well-known short-selling institution Hindenburg, and then had to delay the submission of the audit annual report for the period ending June 30, and is under a deep investigation by the USA Department of Justice.
Even more shocking, in October, the long-term auditing partner Ernst & Young resolutely chose to resign and publicly expressed deep concerns about the company's governance structure and transparency.
Last month, super micro computer faced another blow, announcing that it could not submit the 10-Q financial report for the period ending September 30 on time, which undoubtedly exacerbated the company's delisting crisis.
In addition, super micro computer also terminated its loan agreements with two banks, and partners such as nvidia began to reallocate orders, adversely affecting its supply chain and revenue.
Nevertheless, super micro computer did not give up its self-rescue efforts. The company revealed that the review committee established by the board of directors has quickly completed a comprehensive investigation into the concerns raised by Ernst & Young, and expects other ongoing related work to also be completed soon. This news brought a glimmer of hope to the market.
The review results found no misconduct.
A new chief financial officer will be appointed.
According to the latest market news, on Monday, December 2, US Eastern Time, super micro computer stated that the external review conducted by the special committee of the board of directors and external lawyers found no evidence of misconduct, and the company will appoint new chief financial leadership.
Super micro computer stated in a press release that the company has begun searching for a new chief financial officer, chief compliance officer (CCO), and general counsel. Former vice president of finance, Kenneth Cheung, will serve as the company's new chief accounting officer.
The company stated that the independent committee's review lasting more than three months did not find evidence of fraud or improper conduct by super micro's management. Specifically, the results of the independent special committee's investigation showed that the resignation of Ernst & Young and the conclusions mentioned in its resignation letter were not supported by reviewed evidence.
The review was jointly conducted by a special committee of the company's board of directors, over 50 lawyers from the law firm Cooley LLP, and a team from the accounting firm Secretariat Advisors. The board of directors fully adopted the recommendations of this special committee, and the company will not reissue a statement regarding the already published financial estimates.
