Super Micro recovers from allegations: Shares rise after positive investigation results

For those of you working in the financial industry and seeking new challenges, a fascinating opportunity may arise at Super Micro Computer. Particularly, if your expertise is in the field of compliance or the legal sector, the server manufacturer might pique your interest. After a special committee from Super Micro, tasked with investigating complaints concerning corporate practices, found no evidence of misconduct by the leadership or the board of directors, several positions are now open. This has led to a true hiring drive at the California-based company specializing in liquid-cooled AI servers. The report from the committee, which includes independent director Susie Giordano, an experienced business consultant with over 25 years of experience, caused Super Micro's stock to rise by 29% to $42. Giordano previously spent 11 years at Intel and is distinguished by her detailed knowledge of complex corporate structures. The special committee's investigation lasted more than three months and involved 68 interviews, including current and former employees, executives, consultants, and board members. Over 50 lawyers from the Cooley law firm and forensic accounting experts from Secretariat participated in the examination to clarify the allegations in the report published in August by the short-seller Hindenburg Research. Hindenburg Research had made serious accusations, including irregularities in accounting, undisclosed transactions with related companies, and issues with export controls. These allegations led to an investigation by the U.S. Department of Justice and even Ernst & Young's resignation as Super Micro's accountant in October. Despite the complexity of the allegations, the committee was able to refute most of them and recommended measures that the board is fully implementing.