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SUPER MICRO COMPUTER SHAREHOLDER ALERT BY FORMER LOUISIANA ATTORNEY GENERAL: KAHN SWICK & FOTI, LLC REMINDS INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Lead Plaintiff Deadline in Class Action Lawsuits Against Super Micro Computer, Inc. - SMCI
Globe Newswire 15-Oct-2024 9:43 PM
NEW ORLEANS, Oct. 15, 2024 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until October 29, 2024 to file lead plaintiff applications in securities class action lawsuits against Super Micro Computer, Inc. ("SMCI" or the "Company") (NASDAQ:SMCI), if they purchased the Company's securities between February 2, 2021 and September 25, 2024, inclusive (the "Class Period"). These actions are pending in the United States District Court for the Northern District of California.
What You May Do
If you purchased securities of SMCI and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or visit http://ksfcounsel.com/cases/nasdaqgs-smci/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by October 29, 2024.
About the Lawsuits
SMCI and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On August 27, 2024, Hindenburg Research released a report entitled "Super Micro: Fresh Evidence of Accounting Manipulation, Sibling Self-Dealing and Sanctions Evasion at this AI High Flyer" that detailed its "3-month investigation" which uncovered "glaring accounting red flags, evidence of undisclosed related party transactions, sanctions and expert control failures, and customer issues," and that the Company continued to engage in channel-stuffing despite being charged by the SEC for doing so. On this news, the price of SMCI's shares fell from a closing price of $562.51 per share on August 26, 2024 to $443.49 per share on August 28, 2024. Then, on September 26, 2024, The Wall Street Journal reported that the U.S. Department of Justice had initiated an investigation into Super Micro reportedly focusing on allegations made by a whistleblower and former employee, who accused the company of accounting violations. On this news, the price of SMCI's shares fell 12.17%, to close at $402.40 per share on September 26, 2024.
The first-filed case is Averza v. Super Micro Computer, Inc., 24-cv-06147. Three subsequent cases were filed, Menditto v. Super Micro Computer, Inc., 24-cv-06149, Spatz v. Super Micro Computer, Inc., 24-cv-06193 and Norfolk County Retirement Systemv. Super Micro Computer, Inc., 24-cv-6980.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana and New Jersey.
