Oct 30, 2024 - Economy
Charted: Super sink
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The auditor hired to back the accuracy of Super Micro Computer's full-year financials just quit, saying it was "unwilling to be associated" with the report.
Why it matters: It's not a great look for a company reportedly facing a DOJ probe into accusations of accounting violations.
- Shares in the computer server maker cratered over 32%.
Zoom in: Big Four accounting firm EY notified the company last week that it was resigning while questioning the company's "integrity and ethical values" related to its accounting practices, according to a regulatory filing today.
Super Micro said it disagrees with EY's decision and that it doesn't believe any issues raised will result in any restatements of past reports.
- That's a claim the auditor made a point not to co-sign on its way out.
