Super Micro Computer (SMCI) shares fall 25% on 10-K filing delay By Investing.com

Super Micro Computer (NASDAQ: ) disclosed an estimated delay in filing its annual report on Form 10-K for the fiscal year ending June 30, 2024.

At 10:12 EST (14:12 GMT) SMCI stock was down 24.1%.

The Company intends to file a late filing notice on Form 12b-25 on August 30, 2024, stating that filing the annual report within the prescribed time frame would require unreasonable effort or expense.

SMCI said it needs additional time for its management to complete its assessment of the design and operating effectiveness of its internal controls over financial reporting beginning June 30, 2024.

The company confirmed there were no updates to its fiscal year and quarterly results previously announced on August 6, 2024.

Shares in SMCI fell 2.6% yesterday after the release of a critical report from Hindenburg Research that targeted the company’s accounting practices and corporate governance.

The report’s concerns focus on accounting practices that can be seen as red flags, particularly related to how the company recognizes revenue and its rehiring of executives previously involved in accounting scandals.

Super Micro Computer, which has a market value of $35 billion, has faced challenges in the past, including being delisted from Nasdaq in 2018 for failing to file financial statements.