11:06 AM EDT, 08/28/2024 (MT Newswires) -- (Updates with stock move in the headline and the first paragraph.)

Super Micro Computer ( SMCI ) shares fell 25% in recent trading after the company said Wednesday it does not expect to file its annual Form 10-K report on time for the fiscal year ended June 30.

Additional time is needed for management to complete its assessment of its internal controls over its financial reporting, the company said, adding that it expects to file a notification of late filing on Form 12b-25.

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