Super Micro Analysts Need More Clarity On Auditor Resignation, Await 10-K Filing: ‘Management Did Not Address These Topics’
Super Micro Computer Inc (NASDAQ:SMCI) released a business update on Tuesday that included a positive note regarding its Special Committee investigation, but analysts are still hung up on the company’s new auditor search and the continued delay of SEC filings.
What To Know: Super Micro reported preliminary first-quarter financial results and issued soft guidance for the second quarter after the market close on Tuesday. The company also provided a business update related to the recent resignation of its independent auditor Ernst & Young (EY), who raised governance and transparency concerns.
Although Super Micro said the Special Committee’s investigation found “no evidence of fraud or misconduct,” the company refrained from taking any questions related to EY’s resignation on the call and didn’t address corporate governance issues. Super Micro also said it still doesn’t …
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