Get the latest tech news
Sketchy Financials Send Supermicro Auditors Running For the Hills
The Register's Tobias Mann reports: Supermicro shares took a nose dive on Wednesday, sliding more than 30 percent after the accounting firm hired to review its reporting practices resigned after determining they were just a bit too sketchy to warrant the risk. "We are resigning due to information t...
The Register's Tobias Mann reports: Supermicro shares took a nose dive on Wednesday, sliding more than 30 percent after the accounting firm hired to review its reporting practices resigned after determining they were just a bit too sketchy to warrant the risk. "We are resigning due to information that has recently come to our attention which has led us to no longer be able to rely on management's and audit committee's representations," Ernst & Young wrote in a resignation letter, which also raised alarm bells regarding Supermicro CEO Charles Liang's influence over the board. In response, Supermicro's board appointed an independent special committee and hired Cooley and forensic accounting firm Secretariat Advisors to review its internal controls and governance procedures.
Or read this on Slashdot