Super Micro Computer, Inc. Investigation Robbins LLP is Investigating Allegations that SMCI Misled Investors Regarding its Business Prospects

Business Wire 26-Sep-2024 6:31 PM

Robbins LLP is investigating the officers and directors of Super Micro Computer, Inc. (NASDAQ:SMCI) for breaches of fiduciary duty between August 10, 2021 and August 26, 2024. SMCI is an international company that develops, manufactures, and provides server and storage systems for various markets, including data centers, cloud computing, AI, 5G, and edge computing.

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The Allegations: Robbins LLP is Investigating Allegations that Super Micro Computer, Inc. (SMCI) Misled Investors Regarding its Business Prospects

On August 27, 2024, Hindenburg Research unveiled a research report concerning SMCI. The research report detailed several allegations against the Company, including that Hindenburg "found glaring accounting red flags, evidence of undisclosed related party transactions, sanctions and control failures, and customer issues." On this news, the price of SMCI's common stock declined dramatically from a closing market price of $562.51 per share on August 26, 2024, to $443.49 per share on August 28, 2024, a decline of approximately 21.16% in the span of two days.

Today, The Wall Street Journal published a report stating that the U.S. Department of Justice had commenced an investigation into Super Micro. As a result, the stock price declined as much as 18.6% in inter-day trading, and trading was temporarily halted due to the high level of volatility.

What Now: If you own shares of Super Micro and suffered a loss, contact Robbins LLP for more information.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.

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