Things have gone from bad to worse for Super Micro Computer (NASDAQ: SMCI) over the last two months as a short-seller attack snowballed into a delay in its 10-K filing, an investigation by the Department of Justice,

Super Micro Computer Inc. (SMCI) shares plummeted more than 24% on Wednesday after the AI hardware company released a disappointing preliminary first-quarter report and failed to confirm a timeline for its actual first-quarter results.

Supermicro is benefiting significantly from artificial intelligence (AI) tailwinds. It builds full-scale servers and other components that are sold to companies looking to expand their AI computing power. Although it hasn't received quite the same press as Nvidia, it remains one of the biggest winners among AI stocks.

On Tuesday, Super Micro said its independent “Special Committee” formed by the board of directors and led by independent counsel found “no evidence of fraud or misconduct on

Super Micro Computer Inc (NASDAQ:SMCI) shares are trading higher Tuesday, bouncing back after falling nearly 50% last week after the firm’s independent auditor raised governance and transparency concerns.

With shares down by 70% over the last six months, Super Micro Computer (NASDAQ: SMCI) is in a tailspin. While revenue and earnings continue to break records, the good news has been overshadowed by uncertainty about the company's internal controls.

Super Micro provided a worse-than-expected business update for its revenue Tuesday afternoon. The stock is falling in after-hours trading. The AI server company gave an update for its fiscal first-quarter with adjusted earnings per share range of 75 cents to 76 cents,