Kirby McInerney LLP Reminds Super Micro Computer, Inc. (SMCI) Investors of Class Action Lawsuit
NEW YORK, Sept. 20, 2024 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of those who acquired Super Micro Computer, Inc. (“Super Micro Computer” or the “Company”) (NASDAQ: SMCI) securities during the period of February 2, 2021 to August 28, 2024, inclusive (“the Class Period”). Investors have until October 29, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
[ Click here to learn more about the class action ]
On August 27, 2024, the investor research firm Hindenburg Research released a report that detailed alleged “accounting red flags, evidence of undisclosed related party transactions, sanctions and export control failures, and customer issues” at behalf of Super Micro Computer. On this news, the price of Super Micro shares declined by $14.87 per share, from $562.51 per share on August 26, 2024, to close at $547.64 on August 27, 2024.
On August 28, 2024, the day after Hindenburg Research published its report, Super Micro Computer disclosed that it would delay the filing of its annual report for its fiscal year that ended June 30, 2024 in order to “complete its assessment of the design and operating effectiveness of its internal controls over financial reporting”. On this news, the price of Super Micro shares declined by $104.15 per share, or approximately 18.3%, to close at $443.49 on August 28, 2024.
The lawsuit alleges that Super Micro Computer failed to disclose that the Company: (i) was subject to consistent overreporting of sales and underreporting of expenses; (ii) had re-hired multiple executives who departed in the wake of its prior accounting scandal; (iii) had a closer relationship to its related parties than disclosed; and (iv) continued to export products to areas restricted by the United States government as a result of the Russia-Ukraine war, risking government sanction.
If you purchased or otherwise acquired Super Micro Computer securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com
