Super Micro Computer (SMCI, Financials) announced it will not meet the deadline for its Form 10-Q quarterly report for the period ending Sept. 30, citing the need for more time to select a new auditor.
Though more research is under progress, the board-appointed special committee of the company recently finished an inquiry based on first concerns expressed by former auditor Ernst & Young.
Artificial intelligence server manufacturer Super Micro said that the completion of its Q1 2025 Form 10-Q filing depends on completing the Form 10-K for the fiscal year ending June 30, 2024, still outstanding.
The company reported preliminary first-quarter numbers last week, therefore addressing the continuous 10-K lag. Super Micro said it saw no evidence of misbehavior or fraud but admitted the final filing date was unknown.
Short-seller Hindenburg Research published a paper in August claiming accounting errors and unreported related-party transactions at Super Micro. The U.S. Department of Justice then started looking at the company's financial operations preliminally.
These events have caused volatility in Super Micro's shares; SMCI shares are down 2.7% to $21.11 in Wednesday's market open. To prevent possible delisting, the company has a Nov. 16 deadline for turning in a strategy to restore compliance with Nasdaq's listing criteria.
