SMCI stock surges following review, announces plans for new CFO By Investing.com
Investing.com — Shares of Super Micro Computer (NASDAQ:) soared over 18% Monday after the company announced the completion of an independent review by a special committee of its board.
The review cleared management and the audit committee of concerns raised by former auditor Ernst & Young (EY), finding no evidence of fraud or misconduct.
The special committee, formed in August, concluded that SMCI’s financial statements were materially accurate, and the audit committee demonstrated independence in its oversight.
It also found the company’s leadership maintained “appropriate tone at the top,” emphasizing commitment to compliance and proper financial reporting.
While no major discrepancies were uncovered, the review recommended several…
