Server maker Super Micro Computers has announced that it will delay the filing of its fiscal year report with the U.S. Securities and Exchange Commission (SEC). The news comes shortly after the company was the subject of a report from short-seller Hindenburg Research.
According to Super Micro’s press release, the company needs time to assess its internal control related to financial reporting.
″SMCI is unable to file its Annual Report within the prescribed time period without unreasonable effort or expense,” the company stated. “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.”
The news understandably didn’t sit well with investors, considering that failure to file reports to the SEC usually indicates internal or business problems for the company. The company’s shares have now lost more than 26% of their value since opening the week at $611.48 per share.
Prior to announcing the delay of SEC filing, Super Micro, which provides serves capable of running AI software, made the news thanks to Hindenburg’s report that accused the company for “accounting manipulation” after a three-month investigation while pointing out to “undisclosed related party transactions, sanctions and export control failures.”