Analysts at Mizuho fear that the lack of an auditor (and possible challenges in getting a new one) could lead to a delisting from the Nasdaq exchange. This could dramatically reduce Supermicro's liquidity by forcing it to trade over the counter, a designation that could make shares harder to access, likely hurting the company's valuation.

If you’re just looking at raw percentage gains since the AI mania began, Super Micro Computer (NASDAQ:SMCI) would probably qualify for the top spot of which stock popped the most–before it crashed. This stock has been riddled with a boatload of problems and is down 77% from its March peak–39% in the past month alone.

Super Micro Computer (SMCI) will report quarterly earnings on Tuesday after market close, following a series of recent challenges. Most recently, the AI hardware company’s auditor, Ernst & Young, resigned over disagreements about Super Micro’s governance practices and board independence.

Investors in server maker Super Micro continue to flee after news this week that Ernst & Young has resigned as its auditor.

Super Micro says its special committee has so far found that its audit committee “acted independently and that there is no evidence of fraud or misconduct on the part of management” or the board.

Super Micro Computer said on Tuesday it cannot predict when it would file its annual report with the U.S. Securities and Exchange Commission and that the results of a special committee probe showed there was no evidence of fraud on the part of management or the board.

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

Analysts are weighing the chances that Super Micro Computer could be delisted from the Nasdaq exchange over its accounting issues.