Super Micro Computer Inc (NASDAQ:SMCI) shares traded lower on Wednesday after the server maker delayed the filing of its September quarter report as it seeks a new accounting firm.
Ernst & Young (EY) resigned as the company’s auditor in October, citing concerns about governance, transparency, and internal controls over financial reporting.
The company formed a special committee to review its controls and earlier this month said it had found no evidence of fraud.
Super Micro on Wednesday said it needs more time to choose and engage a new auditor and file its report for the three months ended September 30.
It has already failed to file its annual report for the period ended June 30, 2024. This resulted in the Nasdaq notifying the company on September 17 of non-compliance with listing rules, giving it 60 days to file the annual report or submit a plan to regain compliance.
Shares of Super Micro were down 2.8% at about $21 shortly after the opening bell. The stock is down about 55% since EY resigned as auditor.