Super Micro Computer Inc., the troubled server maker whose auditor resigned last month, delayed yet another filing as it continues to search for a new accounting firm.
The company said Wednesday that it can't file its 10-Q quarterly report for the three months ended Sept. 30 in a timely fashion and will also need more time to prepare its 10-Q for the first quarter of 2025. The firm has already failed to file its annual 10-K report for the period ended June 30.
Super Micro has seen more than $50 billion of its market value wiped out over concerns about its accounting. Earlier this year, a former employee alleged in federal court that the company had sought to overstate its revenue. Short seller Hindenburg Research later referenced those claims in a report, alleging "glaring accounting red flags." In late September, the firm's auditor Ernst & Young LLP resigned, citing questions about its client's commitment to integrity and ethics.
The company's board had formed a committee to review its internal controls. That panel has finished its investigation based on "initial concerns" raised by EY, Super Micro said in a filing Wednesday, but the committee "has other work that is ongoing." The firm said it's "diligently working" to find a new auditor.
Super Micro's shares were down 2.9% in premarket trading Wednesday. The stock has plunged 82% since peaking in March.
