• Super Micro shares soared on Monday after the company reiterated that a special committee found "no evidence of misconduct" at the embattled server maker.
• The stock is still down about 65% for the year as Super Micro is late in filing annual and quarterly financials.
• Super Micro's new auditor, BDO, has yet to certify the company's filings or publicly address governance questions.

Shares of Super Micro Computer rallied about 29% after a special committee reiterated that it found "no evidence of misconduct" at the embattled artificial intelligence server maker, and appointed a new chief accounting officer.

"The evidence reviewed by the Special Committee did not raise any substantial concerns about the integrity of Supermicro's senior management or Audit Committee, or their commitment to ensuring that the Company's financial statements are materially accurate," Super Micro said in a release.

Super Micro said the special committee report recommended that it replace its current CFO, David Weigand, and that the process is underway. The company appointed Kenneth Cheung, who is currently vice president of Finance, as its accounting chief.

Last month, Super Micro said its audit committee had conducted a three-month investigation and found "no evidence of fraud or misconduct," language the company stated again in Monday's release. Super Micro added that the review had been completed.

Super Micro shares have rallied of late and are now up about 48% this year. However, they're still down about 65% from their March high on governance concerns.

Ernst & Young resigned as the company's auditor in October, and Super Micro has yet to file audited financials for the fiscal year ended June or the most recent quarter. The stock sank in August after Hindenburg Research revealed a short position in the company, saying it found "fresh evidence of accounting manipulation."

Super Micro shares had previously shot up, jumping twentyfold in two years on the back of soaring demand for Nvidia-based computer clusters. The stock was added to the S&P 500 in March.

Super Micro still faces the potential to be delisted from the Nasdaq because of its delayed financial reports. The company says it's confident that it will be able to keep its listing.

Super Micro's new auditor, BDO, has yet to certify the company's filings or publicly address the governance questions.

In a note to clients on Monday, analysts at JPMorgan said the "next key watch points" are whether BDO accepts the committee's finding or decides to "undertake their own independent review," and "whether Nasdaq supports Super Micro's request for an extension of time to regain compliance."

Super Micro's special committee ruled that the conclusions reached by Ernst & Young in its resignation were "not supported by the facts" and that the firm's audit committee exhibited "appropriate independence and generally provided proper oversight," according to Monday's filing.

The special committee consisted of a member of Super Micro's board, counsel from Cooley LLP and a team from forensic accounting firm Secretariat Advisors.