Pomerantz Law Firm Announces the Filing of a Class Action Against Super Micro Computer, Inc. SMCI

Pomlaw 22-Oct-2024 4:09 PM

Pomerantz LLP announces that a class action lawsuit has been filed against Super Micro Computer, Inc. ("SMCI" or the "Company") (NASDAQ:SMCI).   Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.

The class action concerns whether SMCI and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

You have until October 29, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired SMCI securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.         

[Click here for information about joining the class action]   

On August 27, 2024, Hindenburg Research ("Hindenburg") published a report entitled "Super Micro: Fresh Evidence of Accounting Manipulation, Sibling Self-Dealing And Sanctions Evasion At This AI High Flyer".  Hindenburg asserted that a "3-month investigation, which included interviews with former senior employees and industry experts as well as a review of litigation records, international corporate and customs records, found glaring accounting red flags, evidence of undisclosed related party transactions, sanctions and export control failures, and customer issues." 

Following publication of the Hindenburg report, Super Micro's stock price fell $14.87 per share, or 2.64%, to close at $547.64 per share on August 27, 2024. 

Then, on August 28, 2024, Super Micro issued a press release "announc[ing] that it expects that it will not timely file its Annual Report on Form 10-K for the fiscal year ended June 30, 2024 (the ‘Annual Report') and expects to file a Notification of Late Filing on Form 12b-25 with respect to the Annual Report on August 30, 2024."  Super Micro stated that the Company "is unable to file its Annual Report within the prescribed time period without unreasonable effort or expense.  Additional time is needed for SMCI's management to complete its assessment of the design and operating effectiveness of its internal controls over financial reporting as of June 30, 2024.  SMCI has not made updates to its results for the fiscal year and quarter ended June 30, 2024 that were announced in SMCI's press release dated August 6, 2024." 

On this news, Super Micro's stock price fell $104.15 per share, or 19.02%, to close at $443.49 per share on August 28, 2024.