Super Micro shares skyrocket after naming new auditor

Investing.comNov 19, 2024 5:47 AM

Investing.com-- Shares of Super Micro Computer Inc (NASDAQ:SMCI) rose sharply in evening deals on Monday after it named BDO USA as its auditor and said it had submitted a plan to the Nasdaq seeking more time to comply with listing rules.

Super Micro shares jumped 36% to $29.30 by 18:32 ET (23:32 GMT).

The server maker said it believed it will be able to complete its annual and quarterly reports, although it did not specify when it would do so.

“BDO is a highly respected accounting firm with global capabilities. This is an important next step to bring our financial statements current, an effort we are pursuing with both diligence and urgency,” Super Micro President and CEO Charles Liang said in a statement.

Super Micro’s shares had fallen sharply in October after Ernst&Young resigned as the company’s auditor, citing concerns over internal controls and board independence. The firm was also reportedly under federal investigation over a short seller report, and had delayed filing its 2024 financial reports.

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