The report from Supermicro, which has been through a series of financial reporting setbacks, offered some good news and helped boost investor confidence. As a result, the stock was up 15.6% as of 10:23 a.m. ET.

The server maker has been a part of the frenzy around artificial intelligence companies and has had big swings, moving up or down by 10% or more in 10 of November’s 19 trading days.

Shares of Super Micro Computer Inc. powered higher Monday after the server maker and artificial-intelligence play said an internal probe into accounting issues “did not raise any substantial concerns” about the integrity of its 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 leadership.

Super Micro Computer Inc. said an external review of its business by a special committee of its board and external counsel found no evidence of wrongdoing and that the company will appoint new top financial 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.

Shares of Super Micro Computer (SMCI) (SMCI) soared 23% on Monday morning following the announcement that an independent special committee had concluded its investigation into the company’s operations and found no evidence of misconduct by the company’s management or Board of Directors.

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.

No misconduct, record-breaking revenue, and bold leadership changes propel Supermicro's stock into the spotlight.

The investigation took over three months and did find some lapses in processes. As part of the investigating committee’s recommendations, Super Micro will appoint a new chief financial officer, chief compliance officer and general counsel, and has named Kenneth Cheung, previously the vice president of finance, as its new chief accounting officer.

Super Micro Computer (SMCI -6.93%), the AI server maker, has taken investors on a wild ride over the last three months. The company's troubles began with a short-seller report fro