Super Micro Computer said on Thursday that an independent investigation led by its board found no evidence that current senior management knew about an alleged scheme to smuggle $2.5 billion in hardware packed with Nvidia chips to China.

The announcement was intended to reassure investors after a turbulent five months following the U.S. Department of Justice’s March indictment of co-founder and board member Yih-Shyan “Wally” Liaw. But questions remain after the company released only limited details about the probe, saying only that the board found no evidence the CEO and senior management were aware of the alleged smuggling ring. For a company that sits at the intersection of AI infrastructure demand and U.S. export-control scrutiny, the report is likely to be read as much for what it leaves out as for what it says.

At the same time, other investigations continue. Authorities in Taiwan detained four Supermicro employees for questioning last month in connection with Supermicro sales to a technology company, and in June the company received a federal grand jury subpoena in New York. Thursday’s announcement said the internal review was complete, but it did not address the Taiwan matter or the subpoena, and it did not mention Liaw by name.

“They basically said, ‘nothing to see here,’” said Mark Newman, managing director at equity research firm Bernstein. “There may be some more detail about the indictment later down the line, but I think SMCI is trying to forget this and move on.”

Supermicro, which was not named in the indictment, declined to comment beyond its press release.

The internal investigation was launched last April after Liaw was indicted for allegedly serving as the ringleader of the smuggling operation, with two others accused of helping him. Liaw co-founded Supermicro with Chairman and CEO Charles Liang and Liang’s wife, Sara Liu, more than three decades ago. He served as a senior executive and board member until the charges were unsealed on March 19.

Liaw has pleaded not guilty, and his trial was pushed back from November 2026 to March 2027 after his lawyer disclosed at a hearing in June that Supermicro had received the grand jury subpoena.

Given Liaw’s senior position and long history with Liang and Liu, both of whom serve on the board, some investors have called for Supermicro to overhaul its management team. On Thursday, the company said it “took several personnel actions with respect to employees within its sales, technical support and business development functions, including terminations, for failure to follow Company policies or the Company’s code of conduct” in connection with the investigation.

Supermicro has also been subpoenaed by the Securities and Exchange Commission, with staff requesting documents related to customers, including the customer that was the subject of the allegations in the indictment. The grand jury subpoena came from the U.S. Attorney’s Office for the Southern District of New York and sought documents and information related to Liaw and others named in the indictment. Liaw’s trial was postponed after the subpoena was disclosed, which his attorney argued could produce documents material to his defense. Liaw faces up to 20 years in prison.

Liaw’s lawyer did not respond to a request for comment.

What the investigation found

The internal probe was led by lead independent director Scott Angel, a former audit partner with Deloitte, and audit committee chair Tally Liu. The board retained Munger, Tolles \u0026 Olson as outside counsel and brought in advisory firm AlixPartners as a forensic accounting consultant.

According to Supermicro, the team reviewed the specific customer transactions identified in the federal indictment, along with “a selection of other customers who bought restricted products.” It found no evidence that management knew about the alleged smuggling, no evidence that the company sold export-controlled products to banned companies or individuals, and no evidence that the previously issued financial statements were unreliable.

“We are pleased to report the conclusion of this independent investigation,” Angel said in a statement. “The independent directors support the actions the Company has already taken to bolster its internal policies and procedures, as well as the additional enhancements that will be implemented.”

Second investigation in two years

This is the second time in two years the company has cleared its management team after an internal investigation. In 2024, Supermicro completed a probe after auditor EY abruptly resigned mid-audit, concluding there was no evidence of fraud or misconduct. That review was led by board member Susie Giordano, who examined 11 export transactions and found no evidence that anyone at the company tried to circumvent export controls or knew of any product diversion.

The timing in Liaw’s court records suggests the alleged smuggling ring was active during that investigation.

The 2024 review recommended multiple personnel changes, including that chief financial officer David Weigand be replaced “immediately” with someone who had “extensive experience working as a senior finance professional at a large public company.” Weigand remains in the role 20 months later.

Supermicro was previously delisted from Nasdaq after an SEC investigation into its accounting practices. The company settled with the SEC in 2020 for $17.5 million, and former CFO Howard Hideshima was separately charged and fined. Liaw resigned from the board and the company at that time, but he returned in May 2021 as an outside consultant before being named senior vice president.

In December 2023, he rejoined the board. Five months later, prosecutors allege the smuggling operation was in full swing.

In a March 2026 letter to investors, Liang said the company was a victim.

“I am deeply saddened and shocked that actions of these individuals were placed above our mission and our responsibility to national security,” the letter states.

Liaw’s trial is scheduled for March 2027.

This story was originally featured on Fortune.com