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Super Micro Computer (SMCI) Faces Securities Class Actions Over Accounting Manipulation Accusations - Hagens Berman
Globe Newswire 23-Sep-2024 3:46 PM
SAN FRANCISCO, Sept. 23, 2024 (GLOBE NEWSWIRE) -- 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 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:
Shares of Super Micro took a significant hit on September 4, 2024, following a downgrade from Barclays and renewed concerns about the company's internal controls and corporate governance. Barclays expressed concerns about "room for improvement" in these areas, contributing to a 36% drop in the firm's price target for SMCI.
Just days earlier, Forbes reported that AI had flagged financial reporting risks at Super Micro in 2022, which were allegedly allowed to go unaddressed. Hudson Labs, a firm specializing in financial disclosure analysis, identified "related party risk" as a significant red flag, suggesting the potential for round-tripping—a technique used to artificially inflate sales.
These revelations have reignited investor concerns about Super Micro, which is already facing three separate class action lawsuits alleging false and misleading statements. The lawsuits, which echo claims made by activist short seller Hindenburg raised in an August 27 report, allege that the company overstated sales, understated expenses, rehired executives involved in previous accounting scandals, had undisclosed ties to related parties, and continued to export products to restricted regions.
Following the release of Hindenburg Research's damning report on August 27th, Super Micro announced a delay in its Form 10-K filing, citing the need for additional time to assess its internal controls.
Super Micro shares are currently trading down 30% since Hindenburg accused the company of "accounting manipulation."
Prominent shareholder rights firm Hagens Berman is now investigating the matter.
"We are looking into whether Super Micro may have concealed material weaknesses in its internal controls over financial reporting," 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.
