August 27, 2024 at 02:27PM
Shares of AI high-flyer Super Micro Computer are down 10% in the pre-market after a short report from Hindenburg Research alleged “accounting manipulation, sibling self-dealing and sanctions evasion.”
The company has a $35 billion market cap and soared from $250 at the start of the year to as high as $1229 as it becamse something of an AI meme stock. It closed at $562 yesterday.
“Our 3-month investigation, which included interviews with former employees & experts as well as a review of litigation & customs records, found glaring accounting red flags, evidence of undisclosed related party transactions, sanctions and export control failures & customer issues,” Hindenburg says.
Read the report here.
This article was written by Adam Button at www.forexlive.com.
