SUPER MICRO COMPUTER SHAREHOLDER ALERT: CLAIMSFILER 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 16-Oct-2024 10:50 PM

NEW ORLEANS, Oct. 16, 2024 (GLOBE NEWSWIRE) -- ClaimsFiler, a FREE shareholder information service, reminds 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.

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SMCI investors should visit us at https://claimsfiler.com/cases/nasdaq-smci-3/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

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 System v. Super Micro Computer, Inc., 24-cv-6980.

About ClaimsFiler

ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

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