Independent Probe Finds No Evidence Senior Management Knew of Alleged Export Diversions

Overview

• The independent investigation, announced Thursday, August 20, 2026, concluded there was no evidence that current senior management knew about the export‑control diversion scheme described in the March indictment.
• Lead independent directors Scott Angel and Tally Liu retained law firm Munger, Tolles & Olson and AlixPartners to conduct a forensic review of the transactions cited by prosecutors.
• Investigators found no record of direct sales by the company to known restricted parties or locations and said there was no reason to revise previously issued financial statements.
• The board adopted all of the investigation’s recommendations and carried out personnel actions, including terminations in sales, technical support, and business development, to tighten export compliance.
• The criminal case against the three former associates remains active: two defendants pleaded not guilty, one is still at large, a trial is reportedly set for early November, and market reactions to the report were mixed.