) stock plunged as much as 18% early Wednesday after the company said it would delay the filing of its annual report for its fiscal year that ended June 30."SMCI is unable to file its Annual Report within the prescribed time period without unreasonable effort or expense," the company. "Additional time is needed for SMCI’s management to complete its assessment of the design and operating effectiveness of its internal controls over financial reporting as of June 30, 2024.
Super Micro stock is now off more than 60% from its March peak, but is still up 50% year to date. The companyThe stock fell about 2% on Tuesday after Hindenburg said its three-month investigation "found glaring accounting red flags, evidence of undisclosed related party transactions, sanctions and export control failures, and customer issues." The firm also disclosed it had taken a short position in Super Micro.In its report, Hindenburg claimed that despite a $17.
"Even after the SEC settlement, pressure to meet quotas pushed salespeople to stuff the channel with distributors using 'partial shipments' or by shipping defective products around quarter-end, per our interviews with former employees and customers," Hindenburg said in its report.Kelly Clarkson's rug collection is up to 80% off during Wayfair's Labor Day sale
AGCO moves to suspend the alcohol retail licence and lottery retailer registration of Toronto convenience store Mabelle Tuck Shop for violations of Ontario’s liquor retail market rules
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