Super Micro Computer (SMCI, Financial) recently revealed that the independent committee's internal investigation cleared its management of fraud and misconduct charges. This review was prompted following resignation by the company's auditor, Ernst & Young (EY) citing issues of company's governance, transparency and financial controls.
As no evidence of fraud or misconduct found among the company's leadership, Super Micro has decided to replace its CFO, David Weigand, although he will remain in the role until a successor is named.
This has raised some eyebrows, if Super Micro's management really found innocent why should the CFO be replaced?
The company is also planning to hire a new chief compliance officer and a general counsel to strengthen its financial operations. The stock price of Super Micro surged by about 30% on Monday following the announcement of the review's findings.
Find out more about Super Micro's performance with charts and guru insights now in GuruFocus!
- CEO Buys, CFO Buys: Stocks that are bought by their CEO/CFOs.
- Insider Cluster Buys: Stocks that multiple company officers and directors have bought.
- Double Buys: Companies that both Gurus and Insiders are buying
- Triple Buys: Companies that both Gurus and Insiders are buying, and Company is buying back.
