Super Micro shares tumbled after a report that the Department of Justice opened a probe into the company.
Super Micro makes computers that companies use as servers for websites, data storage and other applications. It's been a major beneficiary of the AI boom. The reported probe comes after Hindenburg Research disclosed a short position in the company in August, alleging "fresh evidence of accounting manipulation."shares fell more than 15% on Thursday after the Justice Department reportedly opened a probe into the company, which has been a major beneficiary of theSuper Micro makes computers that companies use as servers for websites, data storage and other applications, including AI algorithms.
A prosecutor in the U.S. attorney's office in San Francisco has asked for information about a former employee who has previously accused Super Micro of accounting violations, according to the Journal.its annual report for the fiscal year with the U.S. Securities and Exchange Commission on time, sending shares tumbling nearly 20%. It is not clear if the delay was related to the firm's report.
Super Micro declined to comment. Hindenburg and the Department of Justice did not immediately respond to CNBC's requests for comment.
Ireland Ireland Latest News, Ireland Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: nbcchicago - 🏆 545. / 51 Read more »