Embattled server maker Super Micro Computer (SMCI) told regulators that it will be unable to file its quarterly report on Form 10-Q for the period ended Sept. 30 in a timely manner without unreasonable effort or expense. SMCI stock fell Wednesday on the news.
Super Micro alerted the U.S. Securities and Exchange Commission about the delay in an SEC filing late Tuesday.
↑
X
Stocks Take Breather After Trump Run: Google, Heico, Lennox In Focus
The artificial intelligence server maker said it needs additional time to select and engage a new accounting firm to review its fiscal 2024 financials before it can prepare its fiscal Q1 2025 Form 10-Q. Super Micro already is late in filing its 2024 Form 10-K.
In midday trading on the stock market today, SMCI stock dropped more than 3% to 20.88.
On Nov. 5, the San Jose, Calif.-based company cut its sales targets for the September and December quarters in a business update.
On Oct. 30, Super Micro revealed in an SEC filing that its accounting firm, Ernst & Young, had resigned over financial reporting concerns. That news was on top of a delay in filing its annual 10-K report and a possible investigation by the U.S. Department of Justice.
Meanwhile, Super Micro faces a potential delisting from Nasdaq if it fails to return to compliance with its financial reporting.
SMCI stock is down 64% in the last three months and 27% year to date.
Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
YOU MAY ALSO LIKE:
SoundHound AI Enunciates Q3 Beat-And-Raise, But Stock Falls
Life360 Tops Subscriber Goal, But Q3 Results Are Mixed
See Stocks On The List Of Leaders Near A Buy Point
Find Winning Stocks With MarketSurge Pattern Recognition & Custom Screens
