Super Micro Computer (SMCI) Shares Tumble After WSJ Reports DOJ Probe Amid Investor Class ...
SAN FRANCISCO, Sept. 26, 2024 (GLOBE NEWSWIRE) -- Super Micro, the beleaguered data center technology company, is facing a federal criminal investigation after a critical report by short-seller Hindenburg Research, according to the Wall Street Journal. The U.S. Attorney’s Office in San Francisco has reportedly contacted individuals with potential knowledge of accounting irregularities at the company, according to sources familiar with the matter. The news sent Super Micro's shares plummeting by as much as 18.5% in intraday trading.
Hagens Berman urges Super Micro Computer, Inc. (NASDAQ: SMCI) investors who suffered substantial losses to submit your losses now.
1st Class Period: Aug. 10, 2021 – Aug. 26, 2024
2nd Class Period: Aug. 31, 2023 – Aug. 28, 2024
3rd Class Period: Feb. 2, 2021 – Aug. 26, 2024
Lead Plaintiff Deadline for All Class Actions: Oct. 29, 2024
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Super Micro Computer, Inc. (SMCI) Securities Class Actions:
This latest development adds to the mounting pressure on the company, which is already embroiled in three separate class-action lawsuits alleging false and misleading statements by its executives.
The lawsuits, which echo claims made by Hindenburg, accuse Super Micro of overstating revenue, understating expenses, rehiring executives involved in past accounting scandals, and engaging in undisclosed related-party transactions. The company has also faced scrutiny for continuing to export products to restricted regions.
Following the release of Hindenburg's report, Super Micro announced a delay in its Form 10-K filing, citing the need for additional time to assess its internal controls.
Since the allegations surfaced, the company’s shares have declined by over 30%.
Prominent shareholder rights firm Hagens Berman is now investigating the matter. “Our firm is actively investigating Super Micro’s internal controls and financial reporting practices,” said Reed Kathrein, the firm's partner leading the investigation. “We are closely monitoring the DOJ’s investigation and will take appropriate action to protect the interests of our clients.”
If you invested in Super Micro Computer and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
If you’d like more information and answers to frequently asked questions about the Super Micro Computer case and our investigation, read more»
Whistleblowers: Persons with non-public information regarding Super Micro Computer should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email SMCI@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
