Super Micro Computer's shares took a nosedive of more than 30% on Wednesday morning following the announcement that Ernst & Young (EY) had resigned as the company's public accounting firm. The resignation came during an audit for the tech company's most recent fiscal year, as disclosed in a regulatory filing from Super Micro.
EY raised concerns in July regarding transparency and internal control related to financial reporting, prompting Super Micro's board to initiate a review. Subsequent information obtained during this review led EY to question the company's commitment to integrity, ethical values, transparency, and oversight independent of top management.
