05:10 PM EST, 11/05/2024 (MT Newswires) -- Super Micro Computer ( SMCI ) late Tuesday provided interim financial information for the fiscal first quarter while saying that a committee looking into accounting firm Ernst & Young's concerns about governance found no evidence of fraud or misconduct.

Adjusted per-share earnings are expected to come in between $0.75 and $0.76 for the quarter ended Sept. 30, Super Micro said. The Capital IQ-polled consensus is for $0.73. Revenue is seen between $5.9 billion to $6 billion, which would miss Wall Street's $6.44 billion view.

The artificial intelligence server maker said that the expected figures are preliminary and subject to change.

Super Micro Computer's ( SMCI ) shares were down nearly 14% in after-hours trade. The stock has tumbled 55% in the past three months through Tuesday's close.

Late in October, Super Micro Computer ( SMCI ) disclosed that Ernst & Young resigned as its auditor, months after the accounting firm highlighted concerns regarding governance and internal controls over financial reporting. The board formed an independent special committee to look into the matter.

"The (special) committee's investigation to date has found that the audit committee has acted independently and that there is no evidence of fraud or misconduct on the part of management or the board of directors," Super Micro Computer ( SMCI ) said in a statement on Tuesday. "The (special) committee is recommending a series of remedial measures for the company to strengthen its internal governance and oversight functions, and the committee expects to deliver the full report on the completed work this week or next."

Super Micro Computer ( SMCI ) said its unable to predict the expected timeline for filing the annual Form 10-K report, originally due on Aug. 29.

The company in September received a noncompliance notice from the Nasdaq over failure to file its fiscal 2024 annual report. The company said Tuesday that it intends to take "all necessary steps to achieve compliance with the Nasdaq continued listing requirements as soon as possible."

In August, short-seller Hindenburg Research accused the company of "accounting manipulation."

For the second quarter, Super Micro Computer ( SMCI ) expects adjusted EPS of $0.56 to $0.65 on sales between $5.5 billion to $6.1 billion. The consensus is for $0.81 and $6.84 billion, respectively.

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