Get Cash Back and $0 Commissions + The Power of TradeStation
SMCI FRAUD NEWS: October 29 Class Action Deadline is Approaching; Super Micro Computer Investors that Lost Money are Notified to Contact BFA Law (Nasdaq:SMCI)
Globe Newswire 9-Oct-2024 6:41 AM
NEW YORK, Oct. 09, 2024 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that a lawsuit has been filed against Super Micro Computer, Inc. (NASDAQ:SMCI) and certain of the Company's senior executives for potential violations of the federal securities laws.
Investors have until October 29, 2024 to ask the Court to be appointed to lead the case. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in Super Micro Computer securities. The case is pending in the U.S. District Court for the Northern District of California and is captioned Averza v. Super Micro Computer, Inc., et al., No. 24-cv-06147.
What is the Lawsuit About?
The complaint alleges that Super Micro Computer is one of the largest providers of high-performance and high-efficiency servers. The complaint further alleges that during the Class Period, the Company misrepresented its financial growth, relationships with related parties, and its compliance with United States export restrictions.
On August 27, 2024, Hindenburg Research, a well-known short seller, published a report concerning Super Micro Computer that "found glaring accounting red flags, evidence of undisclosed related party transactions, sanctions and export control failures, and customer issues."
The next day, on August 28, 2024, Super Micro Computer announced that it needed to delay the filing of its Annual Report for the fiscal year ended June 30, 2024 to assess the effectiveness of its internal controls over financial reporting.
The news caused a significant 21% decline in the price of Super Micro Computer stock, from $562.51 per share on August 26, 2024 to $443.49 per share on August 28, 2024.
On September 26, 2024, the Wall Street Journal reported that the Justice Department was also investigating the Company.
If you invested in Super Micro Computer, Inc. you may have legal options and are encouraged to submit your information to the firm.
All representation is on a contingency fee basis, there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
Bleichmar Fonti & Auld LLP is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It was named among the Top 5 plaintiff law firms by ISS SCAS in 2023 and its attorneys have been named Titans of the Plaintiffs' Bar by Law360 and SuperLawyers by Thompson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.'s Board of Directors (pending court approval), as well as $420 million from Teva Pharmaceutical Ind. Ltd.
