Super Micro finds no evidence of fraud; will replace CFO
Super Micro Computer Inc. said an external review of its business by a special committee of its board and external counsel found no evidence of wrongdoing and that the company will appoint new top financial leadership.
The company is looking for a new chief financial officer, chief compliance officer, and general counsel, it said in a statement Monday. Kenneth Cheung, formerly vice president of finance, will be the company’s new chief accounting officer.
It’s been a tumultuous year for Super Micro. The maker of high-powered servers missed an August deadline to file its annual financial report and its auditor, Ernst & Young LLP, resigned in October, citing concerns about the company’s governance and transparency. Super Micro is also facing a US Department of Justice probe following a damaging report from short seller Hindenburg Research.
The review was completed by a special committee of its board alongside more than 50 attorneys from law firm Cooley LLP and a team from forensic accounting firm Secretariat Advisors, Super Micro said in the statement.
