Shares in Super Micro Computer, which enjoyed a blistering rally off the back of the hype surrounding artificial intelligence, fell more than 30 per cent on Wednesday after the server maker said EY had resigned as its auditor.
EY told Super Micro it was “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 the Audit Committee’s representations”, according to a filing with the Securities and Exchange Commission on Wednesday.
EY had in late July told Super Micro’s audit committee that it had “concerns about several matters relating to governance, transparency and completeness of communications to EY, and other matters pertaining to the company’s internal control over financial reporting”, the filing said.