In a late Monday press release, the company said it has hired accounting firm BDO as its independent auditor and now expects to be able to complete financial documents necessary to stay on the exchange.
The abrupt resignation of its previous auditor, EY, which in October said it had lost confidence in Supermicro's financial statements, led to delinquent filings with the SEC.
Supermicro expressed confidence that it would avoid such a dramatic outcome, saying it now expects to complete the necessary filings "within the discretionary period available to the Nasdaq staff to grant."
Shares in the company were up more than 25% following news of its compliance plan and new auditing firm, after having previously dropped significantly due to the allegations.
Collection
[
|
...
]