Overview

• Shares fell nearly 5% Friday after the company said internal control over financial reporting was ineffective as of June 30.
• The annual report repeats earlier disclosures of material weaknesses and says remediation is underway without assurance of full resolution.
• Last year’s delayed filings and Ernst & Young’s resignation over governance concerns preceded the appointment of BDO USA as auditor.
• The pullback wiped out more than $1 billion in market value and extends declines following an August earnings miss and a softer near-term outlook.
• Super Micro trades at about 16 times next‑12‑month earnings versus lower multiples for Dell and HPE, and analysts’ median price target stands near $49 with a largely neutral stance.