Super Micro Computer (SMCI) rose more than 2% in premarket trading on Thursday after the company said its independent investigation found no evidence that senior management knew about an alleged export-control smuggling scheme.

The finding matters because Super Micro has spent months under scrutiny over whether servers and components may have been diverted in violation of U.S. export controls, an issue that can affect customer confidence, compliance costs, and ongoing regulatory reviews even as the company continues to operate its core server business.

The investigation was led by lead independent director Scott Angel and audit committee chair Tally Liu. Munger, Tolles & Olson LLP handled the legal work, and AlixPartners served as an independent forensic accounting consultant.

“The investigation team reviewed the customer transactions that were the subject of the federal indictment…and did not find any evidence that any current member of senior management had knowledge of the alleged diversion scheme,” the company said in a statement.

The probe also found no evidence that Super Micro directly sold export-controlled products to restricted parties, and it said there was no reason to doubt the reliability of its previously issued financial statements.

What the indictment alleged

In March 2026, the U.S. government unsealed an indictment against three people connected to Super Micro: Yih-Shyan “Wally” Liaw, Ruei-Tsan “Steven” Chang, and Ting-Wei “Willy” Sun.

Liaw co-founded the company in 1993 and joined its board in 2023. Chang was a sales manager in Super Micro’s Taiwan office. Sun was a contractor. All three no longer have any relationship with the company.

Prosecutors alleged the trio went to extreme lengths to conceal their actions, including using hair dryers to remove labels and serial numbers from real machines, transferring those labels onto dummy units, and then shipping the real servers to China.

The alleged scheme generated roughly $2.5 billion in sales since 2024. Of that amount, about $510 million in sales occurred between late April and mid-May 2025, routed through a Southeast Asian company before reaching China. Super Micro did not hold a U.S. Commerce Department license to export servers featuring Nvidia (NVDA) GPUs to China.

Liaw and Sun pleaded not guilty in a New York City courtroom in April. Chang, who is based in Taiwan, has not yet been apprehended. A trial is reportedly scheduled for early November.

Steps taken after the investigation

Following the investigation, Super Micro also took personnel action against employees in sales, technical support, and business development, including terminations for failing to follow company policies or its code of conduct.

The board adopted all recommendations made by the independent directors to improve the company’s export compliance program. Some changes have already been implemented under the oversight of the General Counsel and Chief Compliance Officer.

“The independent directors support the actions the Company has already taken to bolster its internal policies and procedures,” Angel said.

In May 2026, Super Micro said it was working with Taiwanese authorities to stop illegal smuggling of its server technology.

The company said it will continue cooperating with relevant government authorities in connection with their ongoing investigations.