Super Micro Computer plummets as auditor resigns
Super Micro Computer's stock dropped nearly 30% in premarket trading after auditor Ernst & Young LLP resigned, raising concerns about financial oversight and significantly impacting investor confidence.
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Super Micro Computer, Inc. (SMCI) experienced a significant drop in its stock price, falling nearly 30% in premarket trading following the resignation of its auditor, Ernst & Young LLP. The resignation was communicated to the audit committee of the board of directors through a formal letter. This unexpected development has raised concerns among investors regarding the company's financial oversight and stability, leading to a sharp decline in market confidence.
- Super Micro Computer's stock fell nearly 30% after auditor resignation.
- Ernst & Young LLP resigned, raising concerns about financial oversight.
- The resignation was communicated to the company's audit committee.
- Investor confidence has been significantly impacted by this news.
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2 commentsAnd from a quick search - it looks like SMC has suffered problematic-at-best accounting for years. And the SEC, DoJ, etc. are digging into things...
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