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Like a frog in a pot of boiling water, things keep getting more uncomfortable for Super Micro Computer (NASDAQ: SMCI) as times goes on. Supermicro's growing accounting debacle began in late August as the target of a short report from Hindenburg Research.

Super Micro shares are down more than 80% since the company joined the S&P 500 in March. That poor performance could catch the eye of the index committee, an expert said.