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Home»Stock Market»Super Micro Plunges After Report of Justice Department Probe
Stock Market

Super Micro Plunges After Report of Justice Department Probe

September 26, 2024No Comments2 Mins Read
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(Reuters) – Super Micro Computer Inc. saw a significant drop in its stock price following reports that the US Justice Department is investigating the server manufacturer over concerns raised in a recent short seller report questioning the company’s financial practices.

The investigation, as reported by the Wall Street Journal, includes efforts by a prosecutor at the US attorney’s office in San Francisco to gather information from individuals with knowledge of the situation. This inquiry appears to be linked to allegations made by a former employee who accused Super Micro of accounting irregularities and had previously filed a whistleblower lawsuit against the company and its CEO.

Shares of Super Micro fell 12% to $402.40 at the close of trading on Thursday in New York, marking the largest decline since August 28, a day after the release of the critical report by short seller Hindenburg Research. Despite this drop, the stock has still seen a 42% increase in value so far this year.

Super Micro has chosen not to provide a comment on the matter, while the Justice Department has not responded to requests for comment.

In the August report from Hindenburg Research, concerns were raised about Super Micro’s accounting practices, related party transactions, export control failures, and customer relations.

— This article includes contributions from Chris Strohm and Ian King.

(Note: The closing share price has been updated in the third paragraph.)

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