AMD shares rise 20% after special committee finds ‘evidence of wrongdoing’ | Wilnesh News

super microcomputer Shares soared more than 20% after the special committee’s ruling Found ‘no evidence of wrongdoing’ and named a new chief accounting officer at the troubled maker of artificial intelligence servers.

“The evidence reviewed by the Special Committee did not raise any material concerns about the integrity of AMD’s senior management or the audit committee or their commitment to ensuring that the company’s financial statements are materially accurate,” AMD said in a release.

Supermicro said it is still searching for a new financial officer and looking to fill additional financial leadership positions. The company appointed Zhang Guoqiang, currently vice president of finance and corporate financial director, as chief accounting officer.

The news from Supermicro comes after a tumultuous year for the company. AMD shares fell in August after Hindenburg Research disclosed a short position in the company, saying it had found “new evidence of accounting manipulation” and Supermicro delayed the release of its annual report.

The troubles continued, with Ernst & Young resigning as the company’s auditor in October amid concerns about the board’s governance and independence. AMD shares are up about 30% this year after giving up most of their gains. Last month, the company avoided the possibility of delisting from Nasdaq after its share price fell sharply.

In its findings, the committee ruled that the conclusions reached at the time of Ernst & Young’s resignation were “not supported by the facts” and that the company’s audit committee demonstrated “appropriate independence and generally provided appropriate oversight.”

The Special Committee consists of members of Super Micro’s board of directors, legal counsel Cooley LLP and a team from forensic accounting firm Secretariat Advisors.