Two Super Micro Computer executives sold millions of dollars of stock in the past week into strength, before shares of the maker of servers maker dove.

Charles Liang, CEO of Super Micro Computer.

Senior Vice Presidents Sara Liu and George Kao sold Super Micro stock on Feb. 26, when shares were surging after the embattled company filed its delayed 10-K form late Feb. 25. The form, which public companies use to report annual results, detailed Super Micro’s fiscal year ended June 30, 2024. The company’s auditing firm BDO said the financial statements “present fairly, in all material respects, the financial position of the Company” for that period. Typically, such forms are filed within 90 days of the end of the period.

Super Micro’s filing met a deadline with the Nasdaq Stock Exchange for continued listing of its shares, and the company said it was “now current with its SEC financial reporting obligations,” in a news release.

It was a change in fortune for the company. At the end of August, shares had been targeted in a short seller’s report, and as 2024 wound down, Super Micro seemed in danger of being delisted by Nasdaq. The delisting issue is now closed.

Relieved investors bid up Super Micro shares on Feb. 26, the next trading day, sending the shares up 12% to close at $51.11. But the next day shares dove 16% to close at $42.95 in the wake of Nvidia’s earnings report, which renewed worries that artificial-intelligence progress wasn’t panning out. Super Micro was affected because its servers are used in AI infrastructure.

Super Micro stock continued to slide in the days after, but on Tuesday shares looked to snap the losing streak. At Tuesday’s closing price of $39.14, however, Super Micro stock has plunged 23% from the close on Feb. 26.

On Feb. 26, Liu sold 46,293 Super Micro shares, all the shares she owned in a personal account, for $2.3 million, an average price of $50.17 each. The next day, Feb. 27, Liu received restricted stock units for 2,040 shares that begin vesting July 1, according to a form she filed with the Securities and Exchange Commission.

Liu, a co-founder of Super Micro and spouse of co-founder, President, CEO, and Chairman Charles Liang, sold shares without using a so-called Rule 10b5-1 trading plan. Such plans are intended to remove the advantage of knowledge insiders may have from knowledge of nonpublic information. They automatically execute trades when preset conditions, including price, volume, and timing, are met.

Super Micro declined to comment, and didn’t make Liu or its other executives available for comment.

Kao sold 71,720 Super Micro shares on Feb. 26 for $3.6 million, an average price of $50.48 each. He now has 19,449 shares in a personal account. Kao received RSUs on Feb. 27 for 2,412 shares that begin vesting July 1.

CEO Liang didn’t sell any stock in the recent run-up, but on Feb. 27 he was awarded performance-based options to acquire one million shares for $45 each. Liang received the award because Super Micro met “certain absolute revenue and stock price goals.” The options don’t expire until Nov. 14, 2033. He continues to own 67.4 million Super Micro shares, and remains the company’s largest shareholder.

Liang hasn’t sold any Super Micro stock since December 2023, when he sold 50,000 shares for $12.6 million, an average price of $252.18 each.