Shares of Super Micro Computer, Inc. (SMCI) traded lower on August 27, 2024, following the release of a Hindenburg Research report on the firm's accounting practices. The report alleged evidence of accounting manipulation, nepotism, and sanction evasion. The following day, shares dropped 23% after SMCI delayed filing their Annual Report on Form 10-K. SMCI has claimed that they need more time for "management to complete its assessment of the design and operating effectiveness of its internal controls over financial reporting as of June 30, 2024."
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