Key Takeaways
Super Micro Computer shares plummeted during intraday trading on Wednesday.
The server and data center tech maker announced it would be delaying the filing of its annual report with the Securities and Exchange Commission (SEC).
The announcement of the delay comes after Hindenburg Research, an activist investment research firm focused on short selling, published a report that accused the company of accounting anomalies and disclosed a short position on Tuesday.
Super Micro Computer (SMCI) shares plunged double digits after the server and data center tech maker announced on Wednesday it would be delaying the filing of its annual Form 10K with the Securities and Exchange Commission (SEC), following Hindenburg Research disclosing a short position in the stock.
Shares were down roughly 26% around 11:24 a.m. ET on Wednesday. Despite Wednesday's losses, the stock has still gained nearly 41% year-to-date.
The company said it expects to file its annual report for the fiscal year later and plans to file a Notification of Late Filing on Friday.
"SMCI is unable to file its Annual Report within the prescribed time period without unreasonable effort or expense," Super Micro said in a press release Wednesday morning, adding that "additional time is needed for SMCI’s management to complete its assessment of the design and operating effectiveness of its internal controls over financial reporting as of June 30, 2024."
This announcement came just a day after Hindenburg Research, an activist investment research firm focused on short selling, published a report that accused the company of accounting anomalies and disclosed a short position.
Super Micro has been a major beneficiary of the AI boom as an Nvidia (NVDA) partner, which sent shares surging in the early months of 2024. More recently, concerns around margin pressure and the company's earnings miss earlier this month have sent the stock lower.
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