SMCI shares are losing 6% today, extending their recent decline after the troubled server maker continues to face challenges with its financial reporting. The company's stock has been under pressure since its auditor Ernst & Young resigned last month, citing unwillingness to be associated with Super Micro's financial statements. The shares have plummeted as much as 60% since EY's departure. Adding to investor concerns, the company has delayed filing both its quarterly 10-Q and annual 10-K reports, putting it at risk of being delisted from Nasdaq if it fails to submit a compliance plan by November 16. The stock has now lost over half its value since late October, with shares trading around $18.9. Despite Super Micro's strong position in the AI server market and historically impressive returns, investors remain wary given the significant corporate governance concerns and uncertainties surrounding its financial reporting practices.
Source: xStation
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