Super Micro Computer, which has recently faced challenges due to accounting fraud allegations, is soaring more than 21% in after-hours trading following news that it has submitted financial documents.
On Tuesday, Super Micro’s stock surged 21.43% to $55.30 in after-hours trading, rebounding from an 11.76% plunge during regular trading hours.
The sharp drop earlier in the day was driven by concerns that the company might miss the deadline for filing its financial report.
However, after the market closed, Nasdaq confirmed that Super Micro had submitted its financial report on time, sending the stock surging more than 21% in after-hours trading.
Super Micro’s stock had tumbled following a short-selling campaign by activist fund Hindenburg Research, which accused the company of accounting fraud.
The stock has recently recovered, fueled by optimism that these allegations could be resolved.
Over the past month, Super Micro has gained 37%, reflecting renewed investor confidence.
A leading AI server specialist, Super Micro was once one of Wall Street’s top AI beneficiaries before facing the recent fraud allegations.