Comment by gmd63
3 days ago
The first line of that article is
"New financial and accounting executives will be appointed, as recommended by the investigation committee"
I agree that harm is possible when short selling and lying about it.
3 days ago
The first line of that article is
"New financial and accounting executives will be appointed, as recommended by the investigation committee"
I agree that harm is possible when short selling and lying about it.
That’s because several people (and also EY, their auditor at the time) resigned in the wake of that report. Probably under pressure and lots of stress but also because of all the things that the initial independent investigation suggested needed to be reviewed. But now multiple investigations have completed those reviews and found nothing. And Supermicro has to fill vacant positions.
EDIT: since I am rate limited, here’s my reply to the child comment by gmd63
> Why would an investigation committee need to recommend that a company fill vacant financial and accounting executive positions? What you're saying makes no sense.
There are many reasons this can make sense. In this case, the most likely reason is that the allegations called into question the integrity of the executives and the board. New executives would be hired and approved by the same group, and it would look strange for them to do that while under investigation. The most important finding from the investigation is neither management (executives) nor the board acted improperly, which led to them making the recommendation.
Why would an investigation committee need to recommend that a company fill vacant financial and accounting executive positions? What you're saying makes no sense.