Aug 28, 2024 - Economy
Charted: Super sink
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Super Micro Computer today said its annual report filing with the SEC will be delayed so it can "assess some internal controls."
Why it matters: The announcement comes a day after a report from short-seller and financial research firm Hindenburg Research that accused the server equipment maker of "glaring accounting red flags," including around its revenue accounting.
Super Micro's shares plummeted 19% today, wiping out over $6 billion in market cap.
What they're saying: JPMorgan analysts said some of Hindenburg's allegations are "tough to verify" and that they believe there is "limited evidence of accounting mistreatments" beyond charges from the SEC in 2020.
- Super Micro "does not comment on rumors and speculation," the company said in a statement to Axios.
