Shares of Super Micro Computer (SMCI), or Supermicro, rose about 20% on Monday, leading S&P 500 gainers, after the troubled computer server maker said an investigation found no wrongdoing in the company’s accounting practices have. It also announced it was replacing its chief financial officer.

The San Jose, Calif.-based company said its independent special committee completed its investigation and its findings “did not raise any material concerns about the integrity of Supermicro’s management or audit committee or their commitment to ensuring that the company’s financial reports are accurate.” “materially correct.

The accounting issues came to light when the company announced earlier this year that it was unable to file its Form 10-K for fiscal year 2024 due to accounting issues. This led to Nasdaq threatening to delist the company for failing to comply with market requirements. Additionally, Supermicro’s auditor, EY, resigned, stating that he was “unwilling to be associated with the financial reports prepared by management.”

Supermicro does not expect the results to need to be adjusted

Supermicro said the independent select committee concluded that EY’s reasons for leaving were “not supported by the facts examined in the review”. It added that it “does not anticipate any adjustments to its quarterly reports for fiscal year 2024 ended June 30, 2024, or for prior fiscal years.”

In accordance with the panel’s recommendations, Chief Financial Officer (CFO) David Weigand will be replaced once a new CFO is appointed. The company noted that the board has begun the process to fill this role.

The accounting problems have sent Supermicro’s shares on a rollercoaster ride. They fell last month to their lowest level since May 2023 before rising again and are now up almost 40% since the start of the year.