The company "Super Micro" faced serious problems following the announcement of the resignation of its financial auditor "Ernst and Young". In its response, "Ernst and Young" stated that it was "not ready to be associated with financial data, prepared according to the guidelines". The auditor's initial observations concerned internal financial controls, corporate governance, and the transparency of the company. As a result, the company created a special committee which began investigating the internal controls of "Super Micro".
"Ernst and Young" announced in its response: "We are leaving due to recent data that reached us, which made us reassess the situation". Shares of "Super Micro" fell by 35% in mid-session following the announcement of the departure of its financial auditor. This situation arose after months of disagreements between "Ernst and Young" and the company regarding corporate governance and the independence of its board of directors.
