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.
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Source: xStation
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