Super Micro Computer (SMCI) stock soared after the server maker announced that an independent review of its business found no evidence of fraud or misconduct.

Just over a month after Ernst & Young resigned as its public accounting firm, Super Micro Computer says a review committee has found no evidence of fraud or misconduct among the server maker’s leaders

Ernst & Young (EY) resigned in October after raising concerns about transparency and governance, prompting the review.

Super Micro Computer soared Monday after a special committee's review found no evidence of misconduct. EY had resigned as auditor in October.

Super Micro Computer has begun the search for a new finance chief based on recommendations made by a special committee formed to look into the AI server maker's accounting practices, the company said on Monday.

Super Micro Computer Inc. said an independent review of its business found no evidence of misconduct but recommended that the server maker appoint new top financial and legal leadership.

The server maker said evidence reviewed by its special committee didn’t raise substantial concerns about its senior management or audit committee.

Super Micro’s former auditor raised concerns in July about the company’s accounting practices and internal financial controls.

Shares of Super Micro Computer surged more than 30% after a special committee ruled it found "no evidence of misconduct" at the embattled AI server maker.