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SMCI INVESTOR NOTICE: Robbins Geller Rudman & Dowd LLP Announces that Super Micro Computer, Inc. Investors with Substantial Losses Have Opportunity to Lead Case
Globe Newswire 16-Sep-2024 6:14 AM
SAN DIEGO, Sept. 16, 2024 (GLOBE NEWSWIRE) -- Robbins Geller Rudman & Dowd LLP announces that the Super Micro class action lawsuit – captioned Averza v. Super Micro Computer, Inc., No. 24-cv-06147 (N.D. Cal.) – charges Super Micro Computer, Inc. (NASDAQ:SMCI) and certain of Super Micro's top executives with violations of the Securities Exchange Act of 1934. Subsequently filed complaints are captioned Menditto v. Super Micro Computer, Inc., No. 24-cv-06149 (N.D. Cal.), and Spatz v. Super Micro Computer, Inc. No. 24-cv-06193 (N.D. Cal.).
If you suffered substantial losses and wish to serve as lead plaintiff of the Super Micro class action lawsuit, please provide your information here:
You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com. Lead plaintiff motions for the Super Micro class action lawsuit must be filed with the court no later than October 29, 2024.
CASE ALLEGATIONS: Super Micro develops and manufactures high performance server and storage solutions.
The Super Micro class action lawsuit alleges 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 Super Micro class action lawsuit further alleges that on August 27, 2024, 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.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Super Micro securities during the Class Period to seek appointment as lead plaintiff in the Super Micro class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Super Micro class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Super Micro class action lawsuit. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Super Micro class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world's leading law firms representing investors in securities fraud cases. Our Firm has been #1 in the ISS Securities Class Action Services rankings for six out of the last ten years for securing the most monetary relief for investors. We recovered $6.6 billion for investors in securities-related class action cases – over $2.2 billion more than any other law firm in the last four years. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs' firms in the world and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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Contact: Robbins Geller Rudman & Dowd LLP J.C. Sanchez, Jennifer N. Caringal 655 W. Broadway, Suite 1900, San Diego, CA 92101 800-449-4900 info@rgrdlaw.com
