This morning, Super Micro announced the findings of its special committee’s audit. The findings by Cooley LLP and forensic accounting experts from Secretariat Advisors, LLC, reported no evidence of misconduct by management or the Board of Directors. Most importantly, the company will have no restatement of financials.

Super Micro Computer Inc (NASDAQ:SMCI) shares are trading higher Monday after the company announced the completion of its review by an independent special committee.

Shares of Super Micro Computer (NASDAQ: SMCI), the ailing artificial intelligence (AI) server maker, were surging today after the company finally gave investors a favorable update from its independent special committee.

Supermicro says independent review did not find evidence of fraud. Supermicro stock has well over doubled since mid-November.

Super Micro Computer Inc. said an external review of its business by a special committee of its board and external counsel found no evidence of wrongdoing and that the company will appoint new top financial leadership.

SMCI stock jumped Monday after Supermicro announced that a probe by an independent committee found no evidence of fraud.

Key Takeaways Super Micro Computer said an independent review of its accounting practices found no wrongdoing.The computer server maker added that concerns raised by its former auditor "were not supported by the facts.

The server maker has been a part of the frenzy around artificial intelligence companies and has had big swings, moving up or down by 10% or more in 10 of November’s 19 trading days.