Super Micro Computer lost a quarter of its market value by midday Wednesday after the server technology company said it was delaying the filing of its annual report. The company said in a regulatory filing that management needed more time to asses the effectiveness of its “internal controls over financial reporting' as of the end of June.
WASHINGTON — Super Micro Computer lost a quarter of its value in morning trading Wednesday after the server technology company said it was delaying the filing of its annual report.
Super Micro Computer’s announcement comes one day after short-selling firm Hindenburg Research said a three-month review turned up new evidence of accounting manipulation by the San Jose, California-based company. Hindenburg said it has taken a short position in the stock, meaning it’s betting the price will drop.
Hindenburg accused Super Micro of rehiring top executives that were directly involved in an accounting scandal that resulted in the company being temporarily delisted by Nasdaq in 2018 for failing to file financial statements. The Securities and Exchange Commission in 2020 charged Super Micro with improper accounting for “prematurely recognizing revenue and understating expenses” beginning at least as early as fiscal 2015 to 2017. The company paid a $17.5 million civil penalty.
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