Super Micro Computer gains 15% after special committee clears it of misconduct allegations.

The stock price of the AI server maker surged more than 14% after a special committee ruled that it found "no evidence of misconduct" and appointed a new chief accounting officer.

According to the company's release, the Special Committee's review of the evidence did not reveal any significant concerns regarding the integrity of Supermicro's senior management or Audit Committee, or their dedication to ensuring the accuracy of the company's financial statements.

The company is currently searching for a new chief financial officer and looking to fill additional financial leadership positions. Kenneth Cheung, the current Vice President of Finance and Corporate Controller, has been appointed as the chief accounting officer.

Super Micro Computer's news follows a tumultuous year for the company, with shares plummeting in August after Hindenburg Research exposed a short position and accused the company of accounting manipulation.

Ernst & Young resigned as the company's auditor in October due to concerns about the board's governance and independence. Despite giving back much of its rally, shares are up about 30% this year. Last month, the company averted a potential delisting from the Nasdaq following its monster plunge.

The committee determined that Ernst & Young's conclusions in their resignation were not backed by evidence and that their audit committee demonstrated "appropriate independence and generally provided proper oversight."

The special committee was made up of Super Micro's board, legal counsel from Cooley LLP, and a team from forensic accounting firm Secretariat Advisors.