Super Micro Computer (SMCI -5.96%) had been one of the high-flying tech stocks this year. But the maker of servers, cooling systems, and storage system components for the massive data center market has run into some headwinds.

Today, the company said it would need to delay its 10-K filing for its fiscal 2024 year ended June 30. The company previously reported results for its fourth quarter and fiscal year on Aug. 6. It noted it has not made any updates to those results.

But investors are selling on the news today with the stock crashing 24.6% as of 10:45 a.m. ET. Concern over the announcement is heightened today after a short-seller report was also released yesterday.

Investors hate uncertainty

Yesterday Hindenburg Research said it held a short position in Supermicro stock after a three-month investigation into Supermicro found accounting concerns as well as "sanctions and export control failures."

Management hasn't responded to Hindenburg's allegations. And the 10-K filing delay may not be related to the timing of the short-seller report. But investors hate uncertainty -- especially when it comes to financial accounting.

After more than tripling at one point during the year, Supermicro shares are now higher by about 45% year to date. The move higher came as the buildout to expand artificial intelligence (AI) computing capacity helped Supermicro more than double net sales year over year in its fiscal 2024. But at the same time, its gross margin has been declining throughout the year as competition increases.

Now investors have to wait for more from the company to see if its previously reported financial data can even be relied upon. For those waiting for the stock to decline, this is probably not the time to jump in. Investors now need more clarity on the situation. Today's knee-jerk reaction to sell may also not be the right approach, as there will be more details available to make those buy or sell decisions in the near future.