Supermicro says unable to file quarterly report on Form 10-Q in timely manner - InvestingChannel

Supermicro says unable to file quarterly report on Form 10-Q in timely manner

Super Micro Computer announced that it is unable to file its Quarterly Report on Form 10-Q for the period ended September 30, 2024 in a timely manner without unreasonable effort or expense. As previously announced, the company has been unable to file its Annual Report on Form 10-K for the period ended June 30, 2024. As previously disclosed, in response to information that was brought to the attention of the Audit Committee of the company’s Board of Directors, the Board of Directors formed a committee to review certain of the company’s internal controls and other matters. As disclosed in the company’s Form 8-K filed on October 30, 2024, prior to the completion of the Review, the company’s independent registered public accounting firm at the time resigned. The company is diligently working to select an independent registered public accounting firm. The Special Committee has completed its investigation based on a set of initial concerns raised by the Former Firm. The Special Committee has other work that is ongoing, but expects the Review to be completed soon. Additional time is also needed for: (i) the company to select and engage a Successor Firm, (ii) the company’s management to complete its assessment of the effectiveness of its internal controls over financial reporting as of June 30, 2024, and (iii) the Successor Firm to conduct its audit of the financial statements to be incorporated in the 2024 Form 10-K and conduct its audit of the company’s internal controls over financial reporting as of June 30, 2024. Further additional time is needed for the company to prepare the Q1 2025 Form 10-Q and for the Successor Firm to review the interim financial statements to be included in the Q1 2025 Form 10-Q. The Q1 2025 Form 10-Q cannot be completed and filed until the 2024 Form 10-K is completed and filed. As a result of the foregoing, the company needs additional time to finalize the financial statements and related disclosures to be filed as part of the Delinquent Reports. Super Micro shares are down 3.4% in premarket trading.

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