Super Micro to hire new CFO, says independent review finds no evidence of fraud

Published On Dec 2, 2024, 11:05 AM

Super Micro Computer is searching for a new CFO after an independent review found no evidence of fraud or misconduct in the company's accounting practices. This comes after the company faced scrutiny from its former auditor, Ernst & Young, regarding governance and financial reporting practices. The independent committee concluded that previous concerns raised were not supported by substantial evidence, leading to a 20% increase in the company's shares. The findings suggest that while there were some lapses in maintaining communication with auditors, the overall integrity of management is intact. Super Micro plans to complete its annual financial report and appoints new management roles including a chief accounting officer.