Last year, after the company delayed its annual report, it lost its auditor, Ernst & Young, citing governance issues. Super Micro had until Tuesday to become current and file audited financials with the SEC.
Super Micro said in a note from management as part of the filing that it had identified material weaknesses in internal controls over financial reporting, including IT issues, a lack of documentation over manual journal entries and insufficient controls to address segregation of staff duties. Super Micro said that it is hiring additional accounting and audit employees, as well as upgrading its IT systems.