Supermicro Computer recently filed its overdue 10-K annual report for 2024 and two quarterly reports for 2025 due to delays caused by its former auditor EY. The company faced potential delisting from Nasdaq but managed to file before the deadline after receiving an extension. Supermicro claims the late filings stemmed from EY's concerns regarding internal governance and transparency, which led EY to resign in October 2024. The company's financial practices were also criticized by Hindenburg Research, which highlighted significant accounting issues and related party transactions.
The Company is now current with its SEC financial reporting obligations. The reports were late due to EY's stated concerns and subsequent resignation.
We disagreed with EY's decision to resign as our independent registered public accounting firm for a number of reasons.
EY dropped Supermicro as a client after raising concerns about the governance and transparency of the company's financial reporting.
Hindenburg Research found glaring accounting red flags in Supermicro's financial practices, including evidence of undisclosed related party transactions.
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