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Super Micro Computer's (SMCI) Legal Woes Cause Securities Analysts to Express Caution - Hagens Berman
Globe Newswire 4-Oct-2024 8:41 AM
SAN FRANCISCO, Oct. 04, 2024 (GLOBE NEWSWIRE) -- Super Micro Computer, Inc. (SMCI) is facing increasing scrutiny from analysts and investors, with Barclays Capital recently raising several concerns for the company. In a report published today, Barclays cited near-term margin pressures, uncertainty surrounding internal controls, and a lack of visibility on GB200 orders as key headwinds.
These concerns are compounded by the ongoing investor class action lawsuits alleging securities fraud against Super Micro and its senior executives.
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:
The plaintiffs allege that Super Micro and its executives overstated sales, understated expenses, rehired executives involved in prior accounting scandals, and continued to export products to restricted regions despite the Russia-Ukraine war.
The truth began to emerge on August 27, 2024, when activist short seller Hindenburg Research unveiled a research report, alleging "glaring accounting red flags" at the company. After Hindenburg's report was made public, Super Micro Computer's stock (NASDAQ:SMCI) fell 20% to $443 per share.
Then, on August 28, 2024, Super Micro announced it would delay the filing of its annual report, stating that additional time was 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. After the filing of the suits, news sources have reported that the Department of Justice is investigating the AI server company's accounting practices, further exacerbating investor concerns.
Hagens Berman, a leading shareholder rights firm, has launched an investigation. "The claims in the litigation raise significant concerns about Super Micro's financial reporting and internal controls," said Reed Kathrein, the firm's partner leading the probe. "We're determined to get to the bottom of these serious matters."
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.
