Like a frog in a pot of boiling water, things keep getting more uncomfortable for Super Micro Computer (NASDAQ: SMCI) as times goes on. Supermicro's growing accounting debacle began in late August as the target of a short report from Hindenburg Research.

The stock is now down more than 25% for the year and more than 80% from its all-time high, set earlier this year. With that kind of decline, some investors may wonder if it's a stock with some value in it. Start Your Mornings Smarter! Wake up with Breakfast news in your inbox every market day. Sign Up For Free »

In this photo illustration, Supermicro (Super Micro Computer Inc.) logo is ... [+] seen on a smartphone screen. (Photo Illustration by Pavlo Gonchar/SOPA Ima

Super Micro Computer Inc., the troubled server maker whose auditor resigned last month, delayed yet another filing as it continues to search for a new accounting firm.

Though more research is under progress, the board-appointed special committee of the company recently finished an inquiry based on first concerns expressed by former auditor Ernst & Young. Artificial intelligence server manufacturer Super Micro said that the completion of its Q1 2025 Form 10-Q filing depends on completing the Form 10-K for the fiscal year ending June 30,

The company's shares fell about 4% in premarket trading. The stock is down 55% since Ernst & Young resigned as auditor in October after earlier flagging concerns about the company's governance, transparency and internal control over financial reporting.