Super Micro Computer has released its annual financial report and quarterly filings for fiscal 2024 and 2025, meeting a Nasdaq deadline set by the US stock exchange. The move comes after multiple delays and a short seller report from Hindenburg Research in August that criticized the company’s financial reporting practices.
The tech giant, which partners with Nvidia and counts among its investors, has been embroiled in a financial filing imbroglio since August. CEO Charles Liang and his family have extensive dealings through various companies, including Ablecom, Compuware, and Leadtek Research. These relationships include business partnerships and investments, as well as personal loans from family members.
The company acknowledged weaknesses in its internal controls over financial reporting and noted that it amended the terms of its convertible debt due to the delay. Super Micro’s interest rate rose to 3.5% as a result.
Liang stated that the company will now focus on its business, with a revenue target of $40 billion. However, the company has been hit with at least five lawsuits and two government subpoenas related to the allegations in the Hindenburg Report. Super Micro is cooperating with the probes.
The move comes after EY, the company’s former accounting firm, resigned amid concerns over governance, transparency, and internal controls. Cooley and Secretariat Advisors were appointed as independent review firms, and the costs of the investigation reached $18.6 million.
Source: https://fortune.com/2025/02/25/super-micro-computer-stock-reports-nvidia-ey-financial