Supermicro narrows Q1 EPS view to 75c-76c from 67c-83c, consensus 75c

Cuts Q1 revenue view to $5.9B-$6.0B from $6.0B-$7.0B, consensus $6.45B. The company also states: As previously disclosed by the Company, in response to information that was brought to the attention of the Audit Committee of the Company’s Board of Directors, the Board of Directors had formed an independent committee. The Special Committee has today provided the following statement to Super Micro, but has not otherwise provided any additional details or information. “The Special Committee has completed its investigation based on a set of initial concerns raised by EY. Following a three-month investigation led by Independent Counsel, the Committee’s investigation to date has found that the Audit Committee has acted independently and that there is no evidence of fraud or misconduct on the part of management or the Board of Directors. The Committee is recommending a series of remedial measures for the Company to strengthen its internal governance and oversight functions, and the Committee expects to deliver the full report on the completed work this week or next. The Special Committee has other work that is ongoing but expects it to be completed soon.”