Overview

• Super Micro's shares fell over 20% after it failed to provide a timeline for filing its delayed 2024 annual report, risking Nasdaq delisting.
• Ernst & Young resigned as the company's auditor, citing concerns over governance and financial reporting, adding to investor unease.
• An independent committee found no evidence of fraud, but analysts remain skeptical, downgrading the stock and cutting price targets.
• Super Micro's preliminary first-quarter earnings and sales forecasts missed Wall Street expectations, further impacting investor confidence.
• The company is actively seeking a new auditor and aims to address its financial reporting issues to maintain its Nasdaq listing.