Shares of Super Micro Computer (SMCI) rose nearly 30% in a single trading session after a special committee said it found “no evidence of misconduct” at the artificial intelligence (A.I.) server maker.
Super Micro Computer’s shares gained 29% on Dec. 2 after the special committee cleared the company of any wrongdoing related to its finances and appointed a new chief accounting officer.
In its report, the committee did recommend that Super Micro Computer replace its current chief financial officer (CFO), David Weigand, and that process is reportedly underway.
The company has appointed Kenneth Cheung, current vice-president of finance, as its interim accounting head.
The special committee consisted of a member of Super Micro Computer’s board of directors, legal counsel, and a team from forensic accounting firm Secretariat Advisors.
Last month, Super Micro Computer said its audit committee had conducted a three-month investigation and found “no evidence of fraud or misconduct.”
Super Micro Computer has been struggling ever since infamous short seller Hindenburg Research published a report in the summer accusing the company of malfeasance.
In October, the company’s auditor, Ernst & Young, resigned and Super Micro has yet to file audited financials for the fiscal year ended this June or for its most recent quarter.
At the same time, Super Micro Computer faces the risk of being delisted from the Nasdaq exchange on which its stock trades because of its delayed financial reports.
In November, Super Micro Computer appointed a new auditor, BDO, and the company has said that it is confident that it will be able to keep its Nasdaq listing.
The stock of Super Micro Computer is now up nearly 50% this year. However, the share price is down about 65% from its 52-week high due to the accounting issues that have been raised.
The company’s share price is currently at $42 U.S.
Tech Insider
