Supermicros Shares fell as much as 35% on Wednesday morning after the company announced that its accountant had resigned following months of disagreements with the company over its governance and board independence.

Ernst & Young said in its resignation letter that it was “unwilling to be associated with the financial statements prepared by management.” The audit firm also raised concerns about the board’s independence from CEO Charles Laing and ‘other members of management’.

EY was hired to audit Super Micro for the first time for fiscal year 2024, the company said. Super Micro still has not released financial statements for this year and is reportedly under federal investigation.

Super Micro makes computers that companies use as servers for websites, data storage and other applications, including AI algorithms. The company’s customers include major AI players such as Nvidia, AMD And Intel. Shares of Super Micro, which joined the S&P 500 in March, rose 246% in 2023.

The auditor first flagged problems with Super Micro’s internal financial controls, governance and readiness in late July, prompting the server company to appoint a special governance committee to investigate the company’s internal controls.

“We are resigning due to information that recently came to our attention which has resulted in us no longer being able to rely on the statements of management and the Audit Committee,” EY said in its resignation letter. EY’s concerns were raised ahead of a short-seller report that focused on Super Micro’s financial controls and accounting practices.

Super Micro has previously been in trouble with regulators over its accounting practices. It paid a $17.5 million fine to the Securities and Exchange Commission in 2020 after the regulator alleged it prematurely and improperly recorded revenue.

The company hired law firm Cooley and a forensic accounting firm to review Super Micro’s internal controls. That review remains ongoing, the company said in a regulatory filing.

Representatives for Super Micro and Ernst & Young did not immediately return a request for comment.