Super Micro shares plunge 34% amid auditor's resignation

Super Micro shares dropped massively following Ernest & Young pulled out of the company's audit. Bloomberg News' Brody Ford reports.

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[PhatChin]

Wow. Do you know just how *BAD* your books need to be, for one of the Big 4 auditors to basically walk out on you?

[winst]

The company was growing too fast and too big, and I speculate there might be high-ranking officers who were friends or family from the beginning and who were incompetent. The CEO needs to fire people and get their books in order. It's not a time to be cheap right now.

[lou]

I've been very suspicious of SMCI ever since the first rumblings of accounting issues. I stayed away even though the low price looked attractive.

[pwu]

Auditor's resignation could mean Super Micro is cooking its books.

[fredvandenburgh]

No one Saw this coming??? Where have you been!

[JohnBeen-rv]

What happened to small caps rallying 40%? I listened to your advice and honestly I really don't know where my portfolio is headed. I need strategies to 3x my gains.

[dietmarstahl]

If you Employee E&J you are bind by the most unflexible company. They need fast computers for AI there is no way around.

[Pazzi-yk]

SMCI was probably aggressively posting forward revenues to meet estimates that would affect the stock

[ovidiu]

I believe that the drop was too hash. I'm afraid that this might be a set up in order for it to jump up huge from here on the next report.

[TerrencesSheldons]

Well, I feel investors should be focusing on under-the-radar stocks, and considering the current rollercoaster nature of the stock market, Because 35% of my $270k portfolio comprises plummeting stocks that were once revered and I don't know where to go here out of devastation.

[EspenOlsen-jket]

How about a takeover bid from Dell for example, now that Super Micro is that cheap, they're definitely worth the money!

[costerhouse]

Does anyone at E&Y have a short position?

[brianrundle]

so they dont have the BTC that they say they have... I wondered how they stored all these coins.. who keeps the seed words? Lots of trust here.. apparently not deserved..