SMCI shares premarket
Shares of Super Micro Computer (NASDAQ: SMCI) jumped 20% in the premarket following a company announcement that an independent special committee found no evidence of misconduct by management or the Board of Directors.
- Special Committee, backed by Cooley LLP and forensic accountants Secretariat Advisors, completed their review with no evidence of wrongdoing found
- No restatement of financial reports will be necessary, validating the accuracy of previously reported financial statements
- Company strengthens leadership team with appointment of new Chief Accounting Officer and plans for CFO transition
I don’t know how credible Cooley LLP and forensic accountants at Secretariat Advisors are but they’re staking their reputations on this and the company is highly shorted so this could be a heckuva squeeze.
Cooley has worked with Qualcomm and Google on major cases, they’re not some backwoods firm. Secretariat Advisors isn’t as well known but this comes after Ernst & Young resigned as the company’s auditor due to concerns about governance and the reliability of management’s representations.