Super Micro Computer (NASDAQ:SMCI) experienced a significant drop in its share price, plunging 19.1% to $436, marking its lowest level since January.
The sharp decline came after the company announced a delay in filing its annual report for the fiscal year ended June 30.
Super Micro cited the need for additional time to complete its assessment of the design and operating effectiveness of its internal controls over financial reporting as the reason for the delay.
This delay has raised concerns among investors about the company’s financial management and transparency.
Adding to the company's woes, Hindenburg Research disclosed a short position in Super Micro on Tuesday, which likely contributed to the stock's steep drop.
Despite the recent downturn, Super Micro's share price was still up 92% year-to-date as of the last close, reflecting the broader market's strong performance earlier in the year.