Shares of AI server maker Super Micro Computer Inc (SMCI) plummeted 5.24% on Tuesday, reversing course after a nearly 30% rally in the previous session.
The stock had surged Monday following an independent committee's announcement that its probe found no evidence of fraud or misconduct at the company. This investigation was launched after SMCI's auditor Ernst & Young resigned, citing concerns over the firm's governance and financial controls.
However, SMCI's decision to replace its Chief Financial Officer David Weigand, despite the probe clearing the management, sparked fresh worries among investors. While Weigand will remain in the role until a successor is named, the move raised questions about potential remaining issues at the company that need to be addressed.
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