Supermicro Stock’s Brutal 2024 Keeps Getting Worse | Global News Avenue

AMD stock (SMCI) extended its 2024 slump on Wednesday, with shares falling after the company said it would not file fiscal first-quarter results in time.

Posted by IT Infrastructure Company Preliminary September quarter results earlier this month, but now says it needs more time to hire a new auditor and have it review the company’s performance.

Ernst & Young Resigned as auditor of Supermicro After October 30 months of speculation Regarding corporate accounting practices. Supermicro said a special committee formed by its board of directors found no evidence of fraud or misconduct.

Supermicro’s shares were down about 5% in Wednesday trading and are set to drop more than 25% in 2024 to around $21 a share. Earlier this year, they were trading around $120.

The first-quarter filing delay comes after Supermicro said last month it could not predict when it would file its 2024 annual report, a requirement for its compliance. Nasdaq rule. If delays continue, AMD may Delisted from exchange common.

Supermicro previously disclosed that it received a warning letter from Nasdaq, saying it must submit plans by November 16.