Super Micro Computer soared Monday after a special committee's review found no evidence of misconduct. EY had resigned as auditor in October.

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.

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 has engaged BDO as its auditor, replacing Ernst & Young, which resigned in October after it raised concerns regarding the company’s financial statements.

Shares of Super Micro Computer Inc. powered higher Monday after the server maker and artificial-intelligence play said an internal probe into accounting issues “did not raise any substantial concerns” about the integrity of its management.

Shares in Super Micro Computer surged more than 20% after the company said a review of its accounting hadn't supported claims made by former auditor Ernst & Young, or raised major concerns about senior management.

The stock now trades at $35 per share, up about 2x from recent lows seen around mid-November, when investors were concerned about the company’s potential delisting

Shares of the server maker jumped after the company said evidence reviewed by its special committee didn’t raise substantial concerns about its senior management or audit committee.

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.