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SMCI Stock Falls After Delayed Annual Report

SMCI stock fell after the company said it would delay the filing of its annual report, the announcement comes a day after short-seller Hindenburg Research.

Super Micro Computer Stock plunged after the company delayed filing its annual report.”SMCI is unable to file its Annual Report within the prescribed time period without unreasonable effort or expense. Additional time is needed for SMCI’s management to complete its assessment of the design and operating effectiveness of its internal controls over financial reporting as of June 30, 2024, said the company in the press release.”

The statement comes a day after short-seller Hindenburg’s research claimed Accounting Manipulation, Sibling Self-Dealing, And Sanctions Evasion At This AI High Flyer.

Super Micro Computer Inc. is an information technology company that provides server management software, storage systems, data centers, cloud computing, artificial intelligence, 5g, and edge computing. The major customers of the company are Nvidia, AMD, and Intel.

Analysts said that Hindenburg’s claims are tough to verify and the report is largely void of details about alleged wrongdoings of the company. They also said that communicating with investors and establishing clear governance and transparency will bring back the investor’s trust.

According to analysts, there is limited evidence of accounting manipulation and limited new information relative to the existing and already-known business relationship with related companies owned by the siblings of the founder of Super Micro Computer Inc.

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