Server maker Super Micro Computer stock (NASDAQ: SMCI) extended its recent rally, gaining close to 29% on Monday.

SMCI shares have swung up and down since accounting giant Ernst & Young resigned as Super Micro Computer's auditor in October after losing confidence in its financial reporting.

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.

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 leaders

Super Micro Computer’s stock (SMCI) has been at the center of controversy in recent months due to accounting fraud allegations from a

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

The AI server maker’s shares were once again leading the S&P 500’s biggest gainers early Tuesday, jumping 7% ahead of the open.

Key Takeaways Supermicro shares jumped nearly 30% Monday after the server maker announced that an independent review of its accounting practices found no wrongdoing. The stock has reclaimed the lower trendline of a descending broadening formation that has been in play since the stock topped out in early March.