Bullet points of Super Micro Computer shares plunge on report of federal probe
Bullet points of Super Micro Computer shares plunge on report of federal probe
- Super Micro Computer's stock price fell 12% after the Wall Street Journal reported that the Department of Justice is investigating the company.
- The investigation is in its initial phases and is related to a whistleblower lawsuit filed by a former employee who accused the company of accounting violations.
- Hindenburg Research, an investment firm, published a critical report in August alleging 'glaring accounting flags, evidence of undisclosed related party transactions' and other issues at Super Micro.
- The company's founder and CEO, Charles Liang, disputed Hindenburg's claims in a letter filed with the SEC, calling the report's statements 'false or inaccurate'.
- Super Micro said it would file its fiscal 2024 annual report with the SEC late, and declined to comment on the investigation.
- The Department of Justice and Hindenburg Research did not immediately respond to requests for comment.
- Super Micro Computer's stock price fell 12% after the Wall Street Journal reported that the Department of Justice is investigating the company.
- The investigation is in its initial phases and is related to a whistleblower lawsuit filed by a former employee who accused the company of accounting violations.
- Hindenburg Research, an investment firm, published a critical report in August alleging 'glaring accounting flags, evidence of undisclosed related party transactions' and other issues at Super Micro.
- The company's founder and CEO, Charles Liang, disputed Hindenburg's claims in a letter filed with the SEC, calling the report's statements 'false or inaccurate'.
- Super Micro said it would file its fiscal 2024 annual report with the SEC late, and declined to comment on the investigation.
- The Department of Justice and Hindenburg Research did not immediately respond to requests for comment.