Shares of Super Micro Computer Inc (NASDAQ:SMCI) rose almost 30% yesterday and another 6% after hours following an independent committee report that reaffirmed no evidence of misconduct at the AI server manufacturer and announced the appointment of Kenneth Cheung as chief accounting officer.
The committee's report found no significant concerns about the integrity of senior management or the accuracy of financial statements.
The investigation, completed last month, also concluded there was no evidence of fraud or misconduct.
Despite a 48% rally this year, shares remain 65% below March highs amid governance issues. They ended Monday at $42, up $9.36.
Accounting worries behind it, Super Micro does face a fresh hurdle. Its new auditor, BDO, has not yet certified financial filings and the company faces a potential Nasdaq delisting for delayed reports.