$Super Micro Computer (SMCI.US)$ shares fell more than 20% Wednesday afternoon after the company announced that it will delay its Form 10-K filing.

SMCI was down 21.5% at $430.25 shortly before 2:30 p.m. ET after announcing early Wednesday that it will not file its annual report for the fiscal year ending June 30 on time. The company plans to file a notification of late filing on Aug. 30.

The company said the delay is due to the need for more time to complete an assessment of its internal controls over financial reporting. SMCI has not updated the financial results it previously announced on August 6, 2024.

Hindenburg Research this week issued a short report accusing Super Micro Computer of accounting manipulation, sibling self-dealing and sanctions evasion, raising concerns about the company's rapid growth in the AI sector.

The report cites past SEC charges, allegations of continued unethical practices, and undisclosed business ties with companies linked to CEO Charles Liang's family.

The broader semiconductor industry is bracing for a highly anticipated earnings report after the bell from $NVIDIA (NVDA.US)$. The outcome of Nvidia's results could have significant implications across the sector, driving market sentiment and influencing stock movements.