Super Micro Computer Inc (NASDAQ:SMCI) shares are tumbling Wednesday after the company reported preliminary financial results and provided a business update. JPMorgan also downgraded the stock and slashed its price target.

A major selloff of the server company’s shares looks like it may continue into a second day after news broke that its auditor has resigned. Shares in Super Micro Computer, Inc. (Nasdaq: SMCI) have had a roller coaster of a year,

Super Micro says its special committee has so far found that its audit committee “acted independently and that there is no evidence of fraud or misconduct on the part of management” or the board.

Super Micro Computer said on Tuesday it cannot predict when it would file its annual report with the U.S. Securities and Exchange Commission and that the results of a special committee probe showed there was no evidence of fraud on the part of management or the board.

On Tuesday, Super Micro said its independent “Special Committee” formed by the board of directors and led by independent counsel found “no evidence of fraud or misconduct on