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Super Micro Computer (SMCI) Faces Securities Class Actions Over Accounting Manipulation Accusations - Hagens Berman
Globe Newswire 3-Sep-2024 11:28 AM
SAN FRANCISCO, Sept. 03, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges Super Micro Computer, Inc. (NASDAQ:SMCI) investors who suffered substantial losses to submit your losses now. The firm also encourages persons with knowledge who may assist the investigation to contact its attorneys.
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 Visit:www.hbsslaw.com/investor-fraud/smci Contact the Firm Now:SMCI@hbsslaw.com 844-916-0895
Super Micro Computer, Inc. (SMCI) Securities Class Actions:
The Super Micro class actions allege that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Super Micro was subject to consistent overreporting of sales and underreporting of expenses; (ii) Super Micro had re-hired multiple executives who departed in the wake of Super Micro's prior accounting scandal; (iii) Super Micro had a closer relationship to its related parties than disclosed; and (iv) Super Micro had not ceased exporting products to areas restricted by the United States government as a result of the Russia-Ukraine war, risking government sanction.
The truth began to emerge on August 27, 2024, when Hindenburg Research unveiled a research report entitled "Super Micro: Fresh Evidence of Accounting Manipulation, Sibling Self-Dealing And Sanctions Evasion At This AI High Flyer."
Then, on August 28, 2024, the Super Micro class action lawsuit alleges that Super Micro announced it would "Delay Form 10-K Filing for Fiscal Year 2024," stating that "[a]dditional time is needed for [Super Micro's] management to complete its assessment of the design and operating effectiveness of its internal controls over financial reporting as of June 30, 2024." On this news, the price of Super Micro stock fell more than 21% over two trading sessions, according to the complaint.
Prominent shareholder rights firm Hagens Berman is investigating claims on behalf of Super Micro investors.
"We are looking into whether Super Micro may have misled investors about its revenue recognition practices," said Reed Kathrein, the Hagens Berman partner leading the investigation.
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.
