An independent board investigation has concluded that Super Micro Computer's current senior management had no knowledge of an alleged scheme to divert export-controlled artificial intelligence servers to China. While the findings remove the risk of financial restatements, significant legal and regulatory challenges remain.
The internal review was overseen by Lead Independent Director Scott Angel and Audit Committee Chair Tally Liu, who retained the law firm Munger, Tolles & Olson along with forensic accounting consultant AlixPartners. Investigators examined customer transactions identified in a federal indictment as well as other transactions involving export-controlled products.
According to the company, investigators found no evidence that Super Micro directly sold restricted products to known prohibited parties or locations. Crucially for investors, the investigation concluded that the company's previously issued financial statements remain reliable, eliminating the threat that export-related transactions would force accounting adjustments.
Despite these findings, the review does not amount to government exoneration or end the underlying criminal case. Super Micro was not charged in the federal indictment, but three individuals accused of participating in the scheme remain subject to separate legal proceedings. These include Yih-Shyan “Wally” Liaw, a former Super Micro senior vice president and board member who resigned in March.
The federal indictment, filed by the Justice Department in March, alleges that Liaw, Taiwan-based sales manager Ruei-Tsang “Steven” Chang, and contractor Ting-Wei “Willy” Sun used a Southeast Asian intermediary to hide the ultimate destination of the servers. Prosecutors claim the intermediary purchased approximately $2.5 billion of Super Micro servers during 2024 and 2025, though that figure represents total orders rather than proof that every server reached China. Prosecutors separately alleged that at least $510 million of controlled servers were diverted during a three-week period in 2025.
Following the completion of the review, Super Micro took disciplinary action against employees in sales, technical support, and business development, terminating some for violating company policies. The board also adopted recommendations to strengthen the company's export-compliance program.
Separate government inquiries remain active, including an SEC investigation, an additional subpoena received in April 2026, and separate investigations by Taiwanese authorities. Super Micro's fiscal 2026 results also remain preliminary and unaudited.
Following the market opening, shares of SMCI rose approximately 3% to $37.66. Meanwhile, the tokenized stock version, SMCIB, traded near $38.40 with a 24-hour gain of approximately 3.8%.
