"We are resigning due to information that has recently come to our attention which has led us to no longer be able to rely on management's and the Audit Committee's representations." This statement from EY highlights significant concerns over Supermicro's financial practices and internal controls.
With a second-quarter revenue forecast of $5.5 billion to $6.1 billion, Supermicro's disappointing figures fell short of analysts' expectations of $6.86 billion, indicating potential financial instability.
The company's future is uncertain as it must file financial documents imminently to avoid losing its Nasdaq listing, which is vital for its market credibility.
EY's unwillingness to be associated with Supermicro's financial statements comes after an August investigation suggested possible accounting manipulation, leading to a massive drop in stock value.
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