Super Micro shares surge more than 30% after naming new auditor via Investing.com
Investing.com– Shares of Super Micro Computer Inc (NASDAQ: ) rose sharply in late afternoon trading Monday after it appointed BDO USA as its auditor and said it has sent a proposal to Nasdaq seeking more time to comply with listing rules.
Shares of Super Micro rose more than 32% to $28.54 at 05:55 ET (10:55 GMT).
The server maker said it believes it will be able to complete its annual and quarterly reports, although it did not specify when it would do so.
“BDO is a respected accounting firm with global expertise. This is an important next step in delivering our current financial statements, an effort we are pursuing with determination and urgency,” Super Micro President and CEO Charles Liang said in a statement.
Super Micro’s shares fell sharply in October after Ernst & Young resigned as the company’s auditor, citing concerns about internal controls and board independence. The company has reportedly been under a government investigation over short-selling, and has delayed filing its 2024 financial reports.
