Monday, September 15, 2025

Super Micro Computer Passes Investigation by One-Person Special Committee

Super Micro Computer Inc (Nasdaq: SMCI) shares rose Monday after a special committee investigation dismissed its former auditor’s concerns, though questions emerge about the review’s independence.

“Special Committee, supported by outside counsel Cooley LLP and forensic accounting firm Secretariat Advisors, LLC, finds no evidence of misconduct on the part of management or the Board of Directors and that the Audit Committee acted independently,” the company said in a statement.

The committee concluded October’s auditor resignation and related governance concerns were “not supported by the facts.” But the “committee” is comprised solely of recent board appointee Susie Giordano.

Corporate governance standards typically call for multiple independent directors, broad board mandate, and dedicated legal and financial advisors for such investigations. Giordano, who joined Super Micro’s board in August 2023 and serves as Chief Legal Officer at Lime, also recently received a $255,000 stock equity grant from Super Micro.

Following the committee’s (or Giordano’s) recommendations, the company will implement substantial management changes, including replacing its CFO and appointing new compliance officers. Kenneth Cheung has been named chief accounting officer, while searches are underway for a new CFO and chief compliance officer.

Super Micro expects to file its delayed annual report for fiscal year 2024 and September quarter results within Nasdaq’s discretionary period, stating no restatements of prior financials are anticipated.

The company’s shares have fluctuated since the auditor’s October resignation over transparency concerns. Super Micro initially reported no evidence of fraud in early November.


Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

New Found Gold: The Strategic Maritime Resources Purchase

Amex Exploration: Revised Perron PEA Has INSANE Economics

Aris Mining: The Multi Billion Dollar Soto Norte PFS

Recommended

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Goliath Resources Hits 18.58 g/t Gold Over 5.00 Metres At Surebet

Related News

What’s Going On With Super Micro Computer’s Crazed Share Surge And Crash?

Super Micro Computer Inc. (NASDAQ: SMCI) has encountered a rollercoaster ride in the stock market,...

Tuesday, February 20, 2024, 03:42:00 PM

Super Micro’s Auditors Quit Amid Governance Concerns, Stock Plummets

In a development sending shockwaves through the tech sector, Super Micro Computer Inc. (NASDAQ: SMCI)...

Wednesday, October 30, 2024, 11:04:36 AM

Super Micro Misses 10-K Filing Amidst Scandal Allegations

Super Micro Computer Inc. (NASDAQ: SMCI), once a high-flying darling of the AI hardware market,...

Tuesday, September 17, 2024, 10:57:00 AM

Nasdaq Delisting Looms For Super Micro Amid Auditor’s Resignation

Super Micro Computer (NASDAQ: SMCI) is at risk of being delisted from the Nasdaq following...

Friday, November 1, 2024, 02:06:00 PM

Super Micro Faces Inflated Debt Amid Auditor Exit and Plummeting Profits

Super Micro Computer (NASDAQ: SMCI) has released preliminary financial data for its first fiscal quarter...

Wednesday, November 6, 2024, 07:51:00 AM