Super Micro Gives Hindenburg “The Bird” After Coming Clean

Imagine walking into a job interview and having someone ask, "So, did you cook the books?" That's basically what just went down with Super Micro Computer, the AI server maker that's been playing a real life game of “Catch Me If You Can” with investors. The server maker had been facing delisting for failing to file its financial reports on time. 

But, Super Micro just pulled off a miracle. The company's internal special committee - aka the "We Swear We're Innocent" squad - has declared they found "no evidence of misconduct." 

Super Micro's stock jumped up 29% after delivering a pitch better than a used car salesman. But what’s crazy is their shares are still down 65% for the year. If they can keep producing good headlines, shares should continue to gain momentum. 

You probably remember Ernst & Young, the accounting firm that ghosted Super Micro. Their special committee essentially called them out like a savage episode of "Catfish."  The committee, which sounds like they were assembled from the most intense episodes of "Suits," spent three months investigating. Their findings? A big fat "nothing to see here" stamp of approval.

Super Micro is also playing musical chairs with its financial leadership. Current CFO David Weigand is getting the boot, and they're bringing in Kenneth Cheung as the new accounting chief. 

Oh, and Hindenburg Research, the short-selling firm that basically ghosted Super Micro back in August? They claimed to have "fresh evidence of accounting manipulation." Super Micro’s basically sending them a middle finger emoji while strutting around with their “clean slate” badge.

But Super Micro is still playing chicken with Nasdaq. They haven't filed their annual or quarterly financials, which is like showing up to a job interview without a resume. Their new auditor, BDO, hasn't certified anything yet. JPMorgan analysts are basically sitting on the edge of their seats, waiting to see if BDO will accept this corporate "all clear" or decide to do their own investigation.

The Bottom line: Super Micro has gone from potential corporate villain to “We swear we’re the good guys” in record time. With an AI business still booming and a stock price that’s now much cheaper than its mid-March high, the company is certainly one to watch. But they’re still in deep financial hot water. 

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Stock.News has positions in Super Micro Computer and JP Morgan mentioned in article.