10:19 AM EST, 12/02/2024 (MT Newswires) -- (Updates with additional information in the second and third paragraphs, and latest stock movement in the headline and last paragraph.)

Super Micro Computer ( SMCI ) said Monday that an independent special committee found no evidence of misconduct or fraud on the part of management or the board of directors.

The committee, formed in August, confirmed the Audit Committee's independence and "proper oversight" of financial reporting, the IT company said. It also verified that the company's revenue recognition practices, export controls, and related party disclosures complied with regulations, it added.

Super Micro said it has adopted all of the committee's recommendations and has started the process of searching for a new chief financial officer, and accelerated the search for a chief compliance officer and a general counsel.

David Weigand will continue to serve as CFO until the board has named a successor, the company added. Additionally, the company said it has appointed Kenneth Cheung as chief accounting officer.

Super Micro Computer ( SMCI ) also reiterated that no restatements of reported financials are expected.

Shares of the IT company jumped more than 14% in early trading.

Price: 37.25, Change: +4.61, Percent Change: +14.12