Super Micro Computer stock plunges as accountant resigns
Investing.com -- Super Micro Computer shares plummeted 32% on Tuesday following the abrupt resignation of Ernst & Young LLP as the company's registered public accounting firm.
EY's resignation comes while it was conducting its first audit for the company, covering the fiscal year ending June 30, 2024. In response, the board of directors launched an internal review through a Special Committee, hiring Cooley LLP and forensic accounting firm Secretariat Advisors to assist with the investigation.
EY concluded that it would"no longer be able to rely on management's and the Audit Committee’s representations" and expressed unwillingness to be associated with the financial statements, according to the resignation letter filed with the SEC.
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