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$Super Micro Computer (SMCI.US)$ no 10-k yet. Ernst & young,...
$Super Micro Computer (SMCI.US)$ no 10-k yet. Ernst & young, worlds leading auditor!! backed out for obvious reasons and fraudulent findings. They reported they couldn't do a valid audit to insider selling without reporting and other various SEC violations. Yeah
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semiking : Bro don't forget EY wirecard scandal, they are not clean neither![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
Lnova : Did the auditor who resigned give details about what in the company’s financials caused them to quit?
smallinvestor81 OP Lnova : In October, Ernst & Young (EY) resigned as the server specialist's financial results auditor. EY stated that it had stepped back from the role because it no longer believed that it could rely on statements made by Supermicro's management team and auditing committe
Lnova smallinvestor81 OP : okay, so, it was a broad statement like this? That they basically felt there was an issue with the integrity and trustworthiness there…? I really wish we had details about what the specific things were. But I figured that they probably wouldn’t come out and spill that info publicly
smallinvestor81 OP Lnova : Honestly it's very shady. Not because they got so big so quick either. It's very unprofessional
Stock_Drift Lnova : Exactly.
Lnova smallinvestor81 OP : tyvm btw. Also, do you happen to know if this DOJ inquiry/investigation was sparked by the resignation of the former auditor? Or, was the DOJ involved before that anyway because of how SMCI had missed the deadlines to submit their financial reports? I wonder if the DOJ investigation started first and then this also contributed to the auditor resigning as they did not want to be caught up in a DOJ investigation on top of their own reason for wanting to leave. I agree the situation seems to be, in the very least, cause for concern, or alarming. But at the same time, I long hold this stock. I’m a bit worried, but also intrigued. I wish we knew the details, or at least knew more. I’m also worried not just about this, but about some other articles I’d seen about smci dropping the ball on nvda orders recently, but, I don’t know if that’s for a fact. But, I don’t feel as on edge now as I used to when I held shares of it when it was like $900ish a share. Cause the price did move pretty abruptly back then too. For the share price it is now I’ll just hold it and wait and see what happens. What a crazy situation. Ah I really wish we knew what had happened
Lnova smallinvestor81 OP : Right, I’m intrigued and need answers now. My mind is wandering different possibilities of what it could be but I don’t want to speculate, cause I really have no idea. Even though it’s bad either way for them to be missing the deadlines and such… some scenarios I could be more forgiving of than others. Like if it was just an issue with disorganization, not keeping deadlines, and that’s all, well, that’s bad for a public company, but, it’s not necessarily like, intentional. But when it comes to certain financial stuff, certain intentional acts, self-serving, secretive things, you get the point, it really changes my mind whenever I’ve seen that kind of thing happen.
smallinvestor81 OP Lnova : I totally agree. I don't understand the rush to buy this. As a proper and legit running company it is good. But all red flags lately just have me at sideline
Lnova smallinvestor81 OP : Well I think the rush to buy has to do with the low share price lately. Cause like, just to compare two different times… when I started investing, I was really into holding NVDA and SMCI. This was before I had moomoo or traded any penny stocks etc. I just invested alone, and basically held stocks of big companies. Even though I had stocks of a lot of companies. NVDA and SMCI were my favorites cause I figured okay nvda can do the Ai, Ai is the future, but it’s gonna get too hot, and SMCI can keep the Ai cool. And SMCI I had a special liking for it. I thought the stock name was cute, w the “micro computer” sounds like a computer that’s very small
. And I saw how at that point in time, it was up like 800% the past year. I liked it, as a company also, cause I kinda liked how the company itself seemed quiet. I didn’t really see like one person that I associated as being spokesperson of the company. I just remembered the company by its logo, and how I thought it’s gonna cool the Ai, which is gonna be necessary. Back at this time I held shares of nvda and smci and this was before the forward splits, and they weren’t that crazily different in share price. Nvda was more expensive, but smci was a hella expensive stock, it basically cost like $900 more or less, per share…
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