Supermicro has finally submitted its delayed 2024 annual report to the SEC, addressing significant accounting issues that arose several months prior. These challenges included allegations of misconduct by a former employee and a critical report from Hindenberg Research. Despite the turbulence, an independent committee found no evidence of fraud but still resulted in changes in the company's executive leadership. Following the filing of its 10-K, Supermicro also addressed outstanding reports for previous quarters, which led to a 22% surge in its stock in after-hours trading, allowing it to maintain NASDAQ compliance.
With these filings, all outstanding financial statements are now filed with no restatements of previously filed financial statements, and the company has regained compliance with the NASDAQ filing requirements.
Supermicro had delayed the release of its annual 10-K financial filing for the SEC, America's securities watchdog, in late August after discovering accounting issues.
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