Here's a rewritten version: **Super Micro Stock Dives as Company Delays Annual Report Amid Short-Seller Allegations..
Here’s a revised version:
Super Micro Computer (SMCI) saw its stock plummet by as much as 25% on Wednesday after announcing a delay in filing its annual report for the fiscal year ending June 30.
This announcement follows accusations from short-seller Hindenburg Research, which alleged "accounting manipulation" at the AI-focused company.
"SMCI is unable to file its Annual Report within the prescribed time period without unreasonable effort or expense," the company stated. "Additional time is required for management to complete the assessment of the design and effectiveness of internal controls over financial reporting as of June 30, 2024."
Super Micro shares surged from $290 in early January to nearly $1,200 by March, with the stock being added to the S&P 500 (^GSPC) in March and the Nasdaq 100 (^NDX) in July.
Although Super Micro stock has now dropped more than 60% from its March peak, it remains up 50% year-to-date. The company also recently announced a 10-for-1 stock split, effective October 1.
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