Super Micro Computer Stock Plummets Over 4% In Thursday Pre-Market: What's Going On?

Benzinga Neuro

October 31, 2024

Shares of Super Micro Computer Inc (NASDAQ:SMCI) took a hit, dropping 4.38%, following the resignation of its independent auditor, Ernst & Young.

What Happened: SMCI closed 32.68% lower at $33.07 on Wednesday and at the time of writing, SMCI was trading at $31.56 during pre-market hours on Thursday, according to Benzinga Pro.

The company announced in a regulatory filing that EY had stepped down as its registered public accounting firm. The auditing firm, which had been engaged since March 2023 to review Super Micro’s financials for the fiscal year ending June, resigned before completing any reports on the company’s financials or internal controls.

Back in July, EY raised concerns about governance, transparency, and the completeness of communications, warning that the timely filing of Super Micro’s annual report was at risk. In response, Super Micro’s board established a special committee to investigate these issues, which submitted preliminary information to both the company and its auditor.

See Also: Dogecoin Lifts 15% Amid Rising Odds Of Trump Victory In Betting Markets And Expectations Of Elon Musk Heading ‘DOGE’ Department

The resignation letter from Ernst & Young highlighted a lack of confidence in the integrity and ethical values of the company, questioning the board’s independence and the reliability of information from certain management members. Although Super Micro disagrees with the resignation, it plans to address the concerns raised and continue the investigation.

Read Next:

Shytoshi Kusama Touts Shiba Inu Lifetime Gains Of 33774726%: ‘We Still Have Far To Go And Much Work To Be Done’

Image via Shutterstock

This story was generated using Benzinga Neuro and edited by Pooja Rajkumari

Recommended

Why Are Wall Street Insiders Moving Their Money to This One Asset? - Ad

Is This Elon's Worst Nightmare? - Ad

Scarcity Meets Momentum - Ad

Popular

Why Rivian Automotive Stock Is Gaining Today?

Rivian stock climbs after breaking ground on a multibillion-dollar Georgia EV plant.

Donald Trump Calls For Soros To Be Imprisoned: 'He's A Bad Guy'

President Trump has advocated for the imprisonment of billionaire Democratic donor George Soros.

The Roadmap to $100M+ Revenue

The Roadmap to $100M+ Revenue - Ad

Recurring deals, Tier-1 banks, and expansion into new markets put this company on track to triple revenue by 2026. Yet the market cap is still just $21M.

US firm agrees $500 million investment deal with Pakistan for critical minerals

ISLAMABAD (AP) — A U.S. metals company signed a $500 million investment deal with Pakistan on Monday.

Quantum Stock Tracker: Suze Orman Owns IonQ, Jim Cramer Speculates On Rigetti

Here's a look at what's going on in the quantum computing sector.

The $25M Contract Nobody Is Talking About

The $25M Contract Nobody Is Talking About - Ad

One deal alone covers the entire valuation of this overlooked stock. And more contracts are already stacking up in Europe and the US.

Koch family agrees to buy a 10% stake in the NFL's New York Giants, AP source says

The Koch family has agreed to purchase a 10% stake of the NFL's New York Giants, according to a person familiar with the deal.

Trump Family-Backed World Liberty Financial Token Crashes After Initial Rise On First Trading Day

The newly tradeable World Liberty Financial (WLFI) token derailed after the initial flourish on Monday.

This Gold Miner Has the Map, the Metal, and the Momentum

This Gold Miner Has the Map, the Metal, and the Momentum - Ad

JPMorgan is forecasting that gold will push past $4,000, and this Nevada operation is positioned to benefit. Historical estimates show its property could hold around 1.8 million ounces of measured and indicated gold, backed by infrastructure and billionaire investors. The company's already producing, refining gold onsite and looking to expand. That's not a dream-stage story-that's a head start.

California crew arrested for hundreds of Home Depot thefts worth $10M, police say

VENTURA COUNTY, Calif. (AP) — Southern California authorities say they uncovered a criminal ring that stole $10 million in merchandise from Home Depot over several years, including 600 thefts this year alone, which the company calls the largest organized retail theft in its history.

How To Earn $500 A Month From General Mills Stock Ahead Of Q1 Earnings

General Mills offers an annual dividend yield of 4.88% ($2.44 a year). Here's how investors can pocket a regular $500 monthly.

Analysts Project This Stock Could Jump to $14 a Share. You Can Still Invest for $3.50.

Analysts Project This Stock Could Jump to $14 a Share. You Can Still Invest for $3.50. - Ad

The AI company making heart disease easier to detect is offering investors $3.50 investment units that include one convertible preferred share and one warrant, providing investors with access to 2 common shares. Based on analyst 1- year projections, that amounts to a near-term 500% return potential.

What's Happening With Regeneron Pharmaceuticals Stock On Monday?

Regeneron's Phase 3 trials for cat and birch allergies show significant symptom relief and strong safety results, paving the way for future development.

Gold's Best Year Since 1978—What's Driving The Relentless Rally?

Gold has surged 37% in 2025, topping $3,500 an ounce. Discover what's driving the rally, from Fed politics to central bank buying.

Gold Alert: Extraordinary Upside in One Stock (Not a Miner)

Gold Alert: Extraordinary Upside in One Stock (Not a Miner) - Ad

Gold has hit all-time highs, breaking $3,600 an ounce - but history shows it could be on the verge of its biggest bull run in over half a century... triggered by a likely major event, eerily similar to what happened in the 1970s. (It's NOT inflation or anything you're likely expecting.) Now, a top analyst says you can capture ALL of the upside without touching a risky miner or a boring exchange-traded fund. He sees extraordinary potential gains long term with very little risk.

Nvidia, CrowdStrike, Snowflake, CoreWeave, Polestar Automotive: Why These 5 Stocks Are On Investors' Radars Today

U.S. stocks closed higher on Wednesday, with the Dow Jones Industrial Average up 0.3% at 45,565.23.

Stock Of The Day: Breakdown In Archer Aviation?

Shares of Archer Aviation have broken a support level. This can be bearish and would suggest they trend lower.

From Ore to Gold Bars-This Nevada Mine Is Already Producing

From Ore to Gold Bars-This Nevada Mine Is Already Producing - Ad

Most juniors explore...Few actually produce. This one's already pouring gold thanks to infrastructure that would cost tens of millions to build today. With major land holdings and room to scale, it's one to watch. Discover the little known gold company that's already producing.

Gen Z Happiness Levels Lower Than People Battling Mid-Life Crisis, Shows Study: Bad Mental Days Explode For The Young

Study finds young adults report lower well-being, reversing midlife unhappiness hump. Causes and cures debated as mental health strains rise.

Mortgage Fraud Is Now A Trump-Era Flashpoint—Here's Everything You Need To Know

Given the recent high-profile cases, Benzinga decided to take a closer look at what mortgage fraud is and how it can be committed.

The Next Palantir Moment Could Be Here

The Next Palantir Moment Could Be Here - Ad

A $21M market cap company is landing multimillion-dollar contracts with banks and governments. With only 9.7M shares in the float, scarcity could spark explosive moves.

Bitcoin At $114,000 Ahead Of Inflation Data: Here's How High It Could Go

Bitcoin (CRYPTO: BTC) is hovering around $114,000 on Thursday morning, with analysts eyeing further upside subject to a benign inflation data report to be released later in the day.

At TIFF, the mid-sized movie strives to survive

TORONTO (AP) — Anyone will tell you it’s the audiences that make the . They aren’t purely industry folks, like they are in Cannes or Venice, but more boisterous, enthusiastic moviegoers with their own rituals, like growling like buccaneers at the piracy warning that plays before each screening.

Why Are Wall Street Insiders Moving Their Money to This One Asset?

Why Are Wall Street Insiders Moving Their Money to This One Asset? - Ad

Something far more consequential for your money than tariffs is unfolding behind the scenes... Tucked inside this overlooked directive is a plan set to be executed for the first time in in U.S. history. One Stansberry Research's Senior Partner says it's set to trigger a rare window for potentially explosive gains in ONE asset immediately. (Not AI or crypto). Wall Street insiders are already positioning themselves... and he insists you should, too, before it's too late.

Skye Bioscience Advances Position In Competitive Obesity Market With Promising Data

Skye Bioscience's latest data show nimacimab boosted tirzepatide's weight loss effects and reduced obesity treatment rebound risk.

Bitcoin, Dogecoin, XRP Gain; Ethereum Trades Flat: Analyst Predicts ETH Reversal Before Q4 Parabolic Rally

Leading cryptocurrencies rose in tandem with stocks on Monday, as investors increased their risk appetite ahead of key inflation data reports.

Is This Elon's Worst Nightmare?

Is This Elon's Worst Nightmare? - Ad

Elon's empire looks doomed - crashing sales, lost tax credits, and media backlash. But behind the scenes, Tesla is about to unleash a breakthrough Forbes calls a "multi-trillion-dollar opportunity." It's not the end - it's the start of a 25,000% AI comeback.

A preliminary report on Lisbon's streetcar tragedy is expected Friday

LISBON, Portugal (AP) — Details started to emerge about the people who were killed when a derailed, as the first investigative report examining what caused the popular Lisbon tourist attraction to crash was expected to be released Friday.

Inside Warren Buffett's Decision to Keep Leading Berkshire Hathaway in His 90s

Warren Buffett's retirement decision has sparked debates about his reasons for working past the typical retirement age and his current choice to step aside.

Scarcity Meets Momentum

Scarcity Meets Momentum - Ad

With insiders and institutions holding most of the float, just 9.7M shares are truly available. New contracts could ignite moves that Wall Street can't ignore.

CBS News' new ombudsman has background and duties that differ from the job's traditional definition

NEW YORK (AP) — CBS News has a new ombudsman assigned to look into public complaints, but the job being assumed by Kenneth Weinstein bears little resemblance to how this watchdog role has traditionally operated in journalism.

Opendoor, Super Micro, Adobe, Tesla And Rezolve AI: Why These 5 Stocks Are On Investors' Radars Today

The S&P 500 gained 0.85% to close at 6,587.47, the Nasdaq advanced 0.72% to 22,043.07, and the Dow surged 1.36% to 46,108.

The Roadmap to $100M+ Revenue

The Roadmap to $100M+ Revenue - Ad

Recurring deals, Tier-1 banks, and expansion into new markets put this company on track to triple revenue by 2026. Yet the market cap is still just $21M.

China's export growth slows in August amid trade tensions with US

BEIJING (AP) — grew last month but at a slower pace than in recent months, the country's customs agency said Monday.

Homes Have Shrunk To The Smallest Average Size In 20 Years: Here's Why It Happened

Newly built homes in the U.S. are shrinking due to higher mortgage rates and affordability concerns. Buyers are adjusting expectations.

The $25M Contract Nobody Is Talking About

The $25M Contract Nobody Is Talking About - Ad

One deal alone covers the entire valuation of this overlooked stock. And more contracts are already stacking up in Europe and the US.

Redwire Expands With New Space Defense Facility In Albuquerque

Redwire Corp (RDW) shares rose after announcing the opening of a 15,000 sq ft facility in Albuquerque to accelerate development of space-based defense systems.

Hillary Clinton Says Trump Administration Is 'Going Great' For The President, Shares Accusations Of Crypto Corruption

Former Secretary of State Hillary Clinton took a dig at President Donald Trump on Tuesday, September 9, for using his office for personal gains.

This Gold Miner Has the Map, the Metal, and the Momentum

This Gold Miner Has the Map, the Metal, and the Momentum - Ad

AI Bull Market Fuels A Wave Of New Listings: 3 IPO ETFs In Focus

IPO-ETFs like IPO, FPX and FPXI are in focus as the U.S. market sees its fastest rebound since 2021, fueled by the AI boom and $23B raised year-to-date.

Trending Now