No Misconduct Found, Super Micro Replace Its CFO

The issues cited by Ernst & Young regarding the company's governance, transparency, and financial controls were found to be clear, with no misconduct.

Dec 03, 2024

Summary

Independent committee finds no misconduct, prompting CFO replacement and new compliance hires, as Super Micro's stock surges 30% after the internal investigation's results

Super Micro Computer (SMCI, Financial) recently revealed that the independent committee's internal investigation cleared its management of fraud and misconduct charges. This review was prompted following resignation by the company's auditor, Ernst & Young (EY) citing issues of company's governance, transparency and financial controls.

As no evidence of fraud or misconduct found among the company's leadership, Super Micro has decided to replace its CFO, David Weigand, although he will remain in the role until a successor is named.

This has raised some eyebrows, if Super Micro's management really found innocent why should the CFO be replaced?

The company is also planning to hire a new chief compliance officer and a general counsel to strengthen its financial operations. The stock price of Super Micro surged by about 30% on Monday following the announcement of the review's findings.

Find out more about Super Micro's performance with charts and guru insights now in GuruFocus!

Disclosures

I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours. Click for the complete disclosure

Research Tools

All-In-One Screener Stock Ideas Stock List Guru List Guru Real-Time Picks Insider List Insider Trades Economic Indicators Sector & Industry Performance DCF Calculator Discussion Board

Product

Pricing Plans Excel Add-In Google Sheets Add-on Data API Stock Comparison Table Manual of Stocks Mobile App 中文

Education

Financial Glossary Tutorials FAQ Schedule Free Session Buffett Indicator Shiller P/E Yield Curve Today U.S. Inflation Rate Global Market Valuation Fed Net Liquidity Buffett Assets Allocation

Company

About GuruFocus Career Contact Us Advertise Site Map Term of Use Privacy Policy Referral Program Partner Program

Survey

We'd love to learn more about your experiences on GuruFocus.com and how we can improve!

Take Survey

Disclaimers

GuruFocus.com is not operated by a broker or a dealer. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The individuals or entities selected as "gurus" may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. Gurus may be added or dropped from the GuruFocus site at any time. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes are provided by QuoteMedia, Inc. (CSI). Company fundamental data is provided by Morningstar. Analyst estimates data is sourced from both Refinitiv and Morningstar, with priority given to Refinitiv data. Data is updated daily.