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Super Micro Computer shares fell more than 12% on Thursday after the Justice Department reportedly opened a probe into the company, which has been a major beneficiary of the artificial intelligence boom.
The probe is in its early days, according to a report from The Wall Street Journal, and it comes after Hindenburg Research disclosed a short position in the company in late August. Hindenburg said it identified “fresh evidence of accounting manipulation,” according to its report. CNBC could not independently verify Hindenburg’s claims.
Super Micro makes computers that companies use as servers for websites, data storage and other applications, including AI algorithms. The company’s customers include major players in AI like Nvidia, AMD and Intel.
A prosecutor in the U.S. attorney’s office in San Francisco has asked for information about a former employee that has previously accused Super Micro of accounting violations, according to the Journal.
Following Hindenburg’s report in August, Super Micro said it would not file its annual report for the fiscal year with the U.S. Securities and Exchange Commission on time, sending shares tumbling nearly 20%. It is not clear if the delay was related to the firm’s report.
Hindenburg, Super Micro and the Department of Justice did not immediately respond to CNBC’s requests for comment.
https://www.cnbc.com/2024/09/26/super-micro-shares-tumble-12percent-after-doj-reportedly-opens-probe-into-company.html
