Super Micro Computer has announced it cannot meet the filing deadline for its annual report, citing the need for additional time to assess internal financial controls.
Hindenburg Research unveiled several concerns regarding Supermicro's practices, including re-hiring executives linked to past accounting irregularities and engaging in undisclosed related-party transactions.
Despite the warning about its financial reporting, Supermicro maintains confidence in its recent financial results, citing significant increases in revenue and profit.
Following Hindenburg's report, Supermicro's stock saw a significant decline, opening at $399 after previously closing at $539, reflecting investor concerns.
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