Super Micro Computer has formally refuted allegations made by short-seller Hindenburg Research, characterizing the recent report as containing "false or inaccurate statements" about the company. This is the first time Super Micro has addressed the claims publicly.
The company's response came after Hindenburg Research released a report last week alleging "accounting manipulation" at Super Micro. The report, which includes accusations of undisclosed related-party transactions and non-compliance with export controls, led to a significant drop in Super Micro’s share price. Following the report, the company's stock plummeted by about 19% when Super Micro announced a delay in filing its annual report due to a review of its "internal controls over financial reporting."
In its statement, Super Micro denounced the report’s "misleading presentations of information" and promised to address these issues in detail at a later time. Despite the controversy, the company's shares saw a modest increase of over 2% in early trading.
Hindenburg Research, known for its critical reports on companies such as those owned by billionaire investor Carl Icahn and India’s Gautam Adani, claimed its findings were based on a three-month investigation that included interviews with former senior employees and a review of litigation records.
Hindenburg has not yet responded to Super Micro's rebuttal.
Super Micro also reaffirmed that it does not anticipate any significant changes to its financial results for the fourth quarter or the fiscal year as a result of the annual report delay. CEO Charles Liang assured stakeholders that the company's production capabilities remain robust and that its ability to deliver IT solutions continues unabated.
"Neither of these events affects our products or our ability and capacity to deliver," Liang stated, underscoring the company's commitment to maintaining operational efficiency and meeting customer demand.
