SMCI cleared of misconduct
Posted: Dec 02, 2024
- Super Micro Computer (SMCI) completed an independent Special Committee review
- Review was in response to concerns raised by former auditor Ernst & Young
- Committee found no evidence of misconduct
- Super Micro Computer (SMCI) completed a review by an independent Special Committee in response to concerns raised by former auditor Ernst & Young
- The Special Committee found no evidence of misconduct or fraud by management or the Board of Directors
- No restatement of financial reports is expected
- The Audit Committee was confirmed to be acting independently
- SMCI is implementing stronger governance measures, including transitioning to a new CFO, appointing a Chief Accounting Officer, and expanding the legal department
- Financial analysts view the outcome of the investigation positively, with no evidence of fraud or improper revenue recognition practices found
- Legal experts also view the investigation's thoroughness positively, providing strong legal assurance regarding compliance and governance practices
- The scope of the investigation included review of 4.1 terabytes of data and 68 witness interviews
- Stock ticker: $SMCI, Market Cap: $19.08B, Industry: Computer Hardware, Sector: Electronic Computers.
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