Just over a month after Ernst & Young resigned as its public accounting firm, Super Micro Computer says a review committee has found no evidence of fraud or misconduct among the server maker’s leadership.

Super Micro Computer (SMCI) stock maintained popularity with options bulls during its fraud and misconduct review

Ernst & Young (EY) resigned in October after raising concerns about transparency and governance, prompting the review.

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 surged more than 14% after a special committee ruled that it found “no evidence of misconduct” at the embattled AI server maker.

Super Micro Computer shares rose after the company said a final review showed no evidence of fraud or misconduct by its management or board relating to accounting issues that have dragged on the stock in recent weeks.

Super Micro Computer has begun the search for a new finance chief based on recommendations made by a special committee formed to look into the AI server maker's accounting practices, the company said on Monday.

Super Micro Computer Inc. said an independent review of its business found no evidence of misconduct but recommended that the server maker appoint new top financial and legal leadership.

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.

Super Micro’s former auditor raised concerns in July about the company’s accounting practices and internal financial controls.