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According to an in-depth report from The Wall Street Journal, the DOJ is probing Super Micro Computer based on concerns raised by a report from Hindenburg Research. A U.S. Attorney’s Office prosecutor in San Francisco is reportedly gathering information as part of the early-stage investigation.
Whistleblower Lawsuit Raises Revenue Concerns
The inquiry is linked to a lawsuit filed by Bob Luong, a former Super Micro employee, alleging accounting violations, as supported by this article from Reuters. The suit claims the company improperly recognized revenue between 2020 and 2022, including booking incomplete sales and shipping unfinished equipment.
Stock Value Impacted Amid AI Market Boom and Decline
Pexels from Pixabay
Super Micro, known for producing AI servers using Nvidia chips, saw its stock value peak at $66 billion earlier this year before declining. The WSJ report about the DOJ investigation caused SMCI shares to drop by 12% on Thursday.
Hindenburg's Report Highlights Potential Conflicts and Sanction Issues
Hindenburg’s report also pointed to transactions involving CEO Charles Liang's family-owned companies and shipments to Russian firms that could violate U.S. sanctions. According to CNBC, Super Micro delayed its annual filing and formed a review committee in response.
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Company Defends Itself Against Allegations
In a letter to customers dated September 3, CEO Liang denied the claims made in the Hindenburg report, calling them "false or inaccurate." Meanwhile, Super Micro is seeking to move the whistleblower lawsuit to arbitration, with a court hearing scheduled soon.
