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October 30, 2024
Robbert White
ssnews

Super Micro shares plunge after the company announced the resignation of its auditor. The stock market is doing well at the moment.

Shares of Super Micro, which rose to $114 earlier this year, fell 35% to $36 on Wednesday. The auditor Ernst & Young resigned. The accounting firm disagreed with the way the company prepared its financial statements. The company also said it was concerned about the lack of independence between the board and the management team.

Investors, at least, are concerned that they don't have a handle on the company's financials, triggering the sell-off.

The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite gained 0.4%, 0.2% and 0.3%, respectively, on Wednesday.

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