10:12 AM EDT, 10/30/2024 (MT Newswires) -- Super Micro Computer's ( SMCI ) shares were down more than 26% in recent Wednesday trading after Ernst & Young resigned as its registered public accounting firm.

Ernst & Young sent a resignation letter to the company's audit committee Oct. 24, the company disclosed in a regulatory filing Wednesday.

The audit committee chair discussed Ernst & Young's reasons for resigning, and Super Micro Computer ( SMCI ) has begun searching for a new auditor, authorizing Ernst & Young to respond to the successor's inquiries once selected, according to the regulatory filing.

Super Micro said it doesn't currently expect resolution of any of the matters raised by Ernst & Young or under consideration by the Special Committee "will result in any restatements" of its quarterly reports for fiscal year 2024 or for prior fiscal years.

Ernst & Young was engaged in March 2023 to perform an audit for the company's fiscal year ended June 30, 2024, and resigned while conducting that audit.

Price: 36.29, Change: -12.83, Percent Change: -26.12