The translation of the heading is: "Stock Market Plunge for Super Micro: Poor Forecasts and Accusations Weigh on Shares.
- A report by Hindenburg Research supports allegations of notable accounting issues.
- Super Micro releases a disappointing sales forecast and comes under pressure.
Eulerpool News·
Super Micro's shares came under pressure on Wednesday after the company issued a disappointing revenue forecast and refused to provide a timeline for the release of overdue financial documents. The server manufacturer is forecasting revenues of between $5.5 billion and $6.1 billion for the December quarter, significantly below analysts' expectations of $6.79 billion. Super Micro's difficulties have increased significantly this year. The company initially saw share price gains as demand for AI applications bolstered sales, leading to its inclusion in the S&P 500. However, allegations by a former employee that the company had exaggerated revenues were supported by a report from Hindenburg Research, which pointed to 'conspicuous accounting issues.' Adding to the complications, Super Micro missed its reporting deadline in August. Furthermore, the audit firm Ernst & Young LLP, which acted as the auditor the previous week, withdrew citing governance issues. According to a company statement, an investigation by a special committee of the board found no evidence of fraud or misconduct by the management or directors. Modern Financial Markets Data
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