Rosenblatt suspends Supermicro rating after committee finds no fraud

Rosenblatt analyst says Supermicro’s (SMCI) special committee found no evidence of misconduct or fraud from management or the board and the audit committee acted independently. In addition, the company does not expect it will have to restate reported financials, the analyst tells investors in a research note. However, given the uncertainty surrounding the company’s financials, Rosenblatt suspended its rating, price target and estimates on Supermicro pending an outcome that can determine its recommendation.