Super Micro Computer’s shares dropped 33% in premarket trading 30th October 2024, following the announcement in a regulatory filing that Ernst & Young had stepped down as its accounting firm.
The filing revealed that EY had expressed doubts about the AI server company’s “commitment to integrity and ethical values” during accounting reviews.
Super Micro had been included in the S&P 500 index in March 2004.
Further update – 1st November 2024
Super Micro’s sell-off persisted on Friday, November 1, 2024, with the stock falling an additional 10%, culminating in a 44% loss for the week.
The most significant drop occurred on Wednesday 30th October 2024, following the company’s announcement of losing its second auditor in under two years.
Super Micro, currently behind schedule in submitting its latest annual report, has announced it will deliver a ‘business update’ for the most recent quarter on Tuesday 5th November 2024, coinciding with Election Day in the U.S.