Headline : Super Micro Computer stock surges 23% after a probe clears management of misconduct

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Shares of Super Micro Computer (SMCI+1.49%) (SMCI) soared 23% on Monday morning following the announcement that an independent special committee had concluded its investigation into the company’s operations and found no evidence of misconduct by the company’s management or Board of Directors.

Following the investigation, which was prompted by concerns over corporate governance, the committee recommended several key changes, including a transition to a new chief financial officer (CFO), along with the appointment of a new chief accounting officer (CAO) and chief compliance officer (CCO).

The investigation also addressed the resignation of the company’s public accounting firm, Ernst & Young, asserting that the firm’s statements related to the resignation were “not supported by the facts” uncovered during the review.

In response to the findings and recommendations, Super Micro Computer emphasized its commitment to scaling its operations to match its rapid growth, particularly within the AI sector.

Read more from the original article on here at qz.com.

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