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Super Micro Confirms It Will Delay Annual Financial Filings

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Super Micro Confirms It Will Delay Annual Financial Filings

(Bloomberg) — Super Micro Computer Inc. said that it won’t file its annual financial report while a special board committee reviews internal controls, confirming a statement earlier this week that sent the shares on their worst drop in almost six years.

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The maker of computer servers said it would take “unreasonable effort or expense” to file on time its annual 10-K financial disclosures for the quarter and fiscal year ended June 30.

Super Micro first announced on Aug. 28 that it would delay the financial documents and confirmed its decision Friday in a regulatory filing. The San Jose, California-based company said a special committee is working diligently to assess the effectiveness of its internal controls over financial reporting.

Earlier this week, short-seller Hindenburg Research released a critical report alleging “glaring accounting red flags, evidence of undisclosed related party transactions, sanctions and export control failures, and customer issues.”

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Super Micro repeated its assertion that it doesn’t expect the annual financial filing to contain any material changes to its results announced on Aug. 6.

After Friday’s filing, the shares gained about 2% in extended trading. Earlier, the stock suffered its worst week since October 2018, dropping 29% to $437.70 at the close in New York.

The company sells high-powered servers for data centers and has experienced an explosion in demand for its wares amid the artificial intelligence boom, making its shares a proxy for enthusiasm in the technology. Super Micro’s stock more than tripled last year.

–With assistance from Brody Ford.

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Medina’s finance committee looks to reallocate income tax dollars

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Medina’s finance committee looks to reallocate income tax dollars

MEDINA, Ohio — In an effort to ensure the city has funds available for capital improvements, the city’s finance committee has agreed to amend the allocation of income tax dollars.

“After spending time talking about sidewalk improvements, I think it makes sense that we need to have money in our account for capital improvements,” Council President John Coyne said.

Coyne said that the city’s current income tax collection is around $21 million and 40 percent of that collection, or roughly $8.4 million goes to the police department. Coyne recommended changing the allocation to the police department to 38 percent and reallocating an additional 1 percent to the general fund and the other 1 percent to general purpose capital expenses.

“The police department would still get an ample amount for their budget, and they do have ample saved up in carry forward funds,” he said.

Coyne said he wants to make sure all departments are properly funded but added that with income tax revenue increasing over the years, he thinks it makes sense to put some money aside for capital improvement projects.

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“We need to take a look at this every year and make sure we plan correctly going forward so we don’t reach financial issues in the future,” he said.

Mayor Jim Shields said he has talked to Police Chief Ed Kinney, and he said they understand the reasoning behind the reallocation.

“We used to have a list of all the capital improvement projects we wanted to focus on and there are other things in the city I want to start getting in front of you,” Shields told council.

Coyne said he thought it makes sense to spend the next couple of months to schedule committee of the whole meetings so council can discuss potential capital improvement projects that are needed in the city.

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Frontier Airlines quietly makes huge change amid financial woes

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Frontier Airlines quietly makes huge change amid financial woes
Frontier Airlines is well known as a low-cost airline that doesn’t necessarily have the best perks, but provides cheap flights to many popular destinations. Unfortunately, this business model hasn’t been working out well for Frontier or for other airlines in the same space. While people …
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Ally Financial Sees 2026 Margin Rebound, Targets Mid-Teens Returns at BofA Conference

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Ally Financial Sees 2026 Margin Rebound, Targets Mid-Teens Returns at BofA Conference
Ally Financial (NYSE:ALLY) executives said they were encouraged by the company’s performance in 2025 and expressed optimism about 2026 during a fireside chat at a Bank of America event. Sean Leary, Ally’s Chief Financial Planning and Investor Relations Officer, told attendees the company saw “solid
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