Super Micro Computer Stock Is Plummeting Today -- Is This a Buying Opportunity Ahead of Its Stock Split?
Super Micro Computer (NASDAQ: SMCI) stock is getting crushed Wednesday. The company's share price was down 26.3% as of 11:30 a.m. ET, according to data from S&P Global Market Intelligence.
Hindenburg Research published a short report on Supermicro yesterday, alleging that the company was a serial offender when it came to bad accounting practices. Unfortunately, the server-hardware specialist seems to have almost immediately lent credence to some of the criticisms in the bearish report. In a press release published this morning, the company announced that it would be delaying the filing of its annual 10-K report with the Securities and Exchange Commission (SEC) for the fiscal year ended June 30.
News that the financial filing is being postponed so that Supermicro can "complete its assessment of the design and operating effectiveness of its internal controls over financial reporting" is spurring big sell-offs for the stock today. But even with today's pullback, the artificial intelligence (AI) stock is still up 41% year to date -- and it's heading for a stock split on Oct. 1.
Source Fool.com
