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On September 20, 2024
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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 - Super Micro Computer (NASDAQ:SMCI)
NEW ORLEANS, Sept. 18, 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") SMCI, if they purchased the Company's securities between February 2, 2021 and August 28, 2024, inclusive (the "Class Period"). These actions are pending in the United States District Court for the Northern District of California. Get Help 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. The first-filed case is Averza v. Super Micro Computer, Inc., 24-cv-06147. Two subsequent cases were filed, Menditto v. Super Micro Computer, Inc., 24-cv-06149 and Spatz v. Super Micro Computer, Inc., 24-cv-06193. 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. To learn more about ClaimsFiler, visit www.claimsfiler.com. Market News and Data brought to you by Benzinga APIs
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CLASS ACTION REMINDER: Berger Montague Advises Super Micro Computer (NASDAQ: SMCI) Investors to Inquire About a Securities Fraud Lawsuit by October 29, 2024 - Super Micro Computer (NASDAQ:SMCI)
PHILADELPHIA, Sept. 19, 2024 (GLOBE NEWSWIRE) -- Securities fraud lawsuits have been filed against Super Micro Computer, Inc. ("Super Micro" or the "Company") SMCI. The lawsuits have been filed on behalf of purchasers of Super Micro securities between February 2, 2021 and August 28, 2024, inclusive (the "Class Period"). CLICK HERE TO LEARN MORE ABOUT THIS LAWSUIT. Investors who purchased or acquired Super Micro securities during the Class Period may, no later than October 29, 2024, seek to be appointed as a lead plaintiff representative of the class. Super Micro, headquartered in San Jose, CA, is a server and storage solutions manufacturer that sells its hardware to technology companies for use as servers for websites, data storage, and artificial intelligence applications. According to the complaint, throughout the Class Period, Super Micro and senior executives reported strong demand, surging revenue growth, and increased product shipments. The Company also represented that it adhered to U.S. and other applicable trade control regulations, including the fact that it had made no sales in the Russian Federation during 2023 and 2024, and no sales to the Russian Federal Security Service ("FSB"). For additional information or to learn how to participate in this litigation, please contact Berger Montague: Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015, or Peter Hamner at phamner@bm.net or (215) 875-3048, or CLICK HERE. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member. Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States. Andrew Abramowitz, Senior Counsel Berger Montague (215) 875-3015 aabramowitz@bm.net Peter Hamner Berger Montague PC (215) 875-3048 phamner@bm.net Market News and Data brought to you by Benzinga APIs
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Super Micro Computer, Inc. is facing multiple class action lawsuits from investors following a significant drop in stock price. Law firms are encouraging affected shareholders to join the legal actions before upcoming deadlines.
Super Micro Computer, Inc. (NASDAQ: SMCI), a global leader in high-performance server technology, is currently embroiled in a series of legal challenges. The company, which has been a darling of the tech industry, is now facing scrutiny from both investors and legal firms following a substantial decline in its stock value 1.
Multiple law firms have initiated class action lawsuits against Super Micro Computer, alleging violations of federal securities laws. The lawsuits claim that the company made materially false and misleading statements, and failed to disclose important information to investors 2.
Specifically, the allegations focus on the period between January 31, 2024, and February 8, 2024. During this time, it is claimed that Super Micro Computer overstated its projected net sales and earnings per share for the second quarter of 2024 fiscal year [1].
The controversy has had a significant impact on Super Micro Computer's stock price. Following the company's announcement of preliminary second quarter results on February 8, 2024, which fell short of the previously issued guidance, the stock price plummeted. This sharp decline has resulted in substantial losses for many investors [2].
Several prominent law firms specializing in securities litigation have stepped forward to represent affected shareholders. These include:
These firms are actively seeking investors who purchased Super Micro Computer securities during the specified period and suffered losses exceeding $100,000 [1][2].
Investors considering joining the class action lawsuits should be aware of the upcoming deadlines:
The legal challenges pose significant risks for Super Micro Computer. If the allegations are proven true, the company could face substantial financial penalties and reputational damage. Moreover, the ongoing litigation may impact investor confidence and the company's ability to raise capital in the future.
This case highlights the importance of accurate financial reporting and transparent communication with investors in the tech industry. It also underscores the potential volatility of high-growth tech stocks and the legal risks companies face when their performance falls short of projections.
Reference
Super Micro Computer, Inc. (NASDAQ: SMCI) is facing a series of class action lawsuits from shareholders and law firms over accusations of accounting manipulation. The company's stock has seen significant volatility as a result of these allegations.
4 Sources
Super Micro Computer, Inc. (NASDAQ: SMCI) is under scrutiny as multiple law firms announce investigations and potential class action lawsuits on behalf of shareholders. The allegations center around possible violations of federal securities laws.
4 Sources
Super Micro Computer, Inc. (SMCI) is facing multiple securities class action lawsuits following accusations of accounting manipulation. Shareholders with significant losses are encouraged to seek lead plaintiff status before the October 13, 2023 deadline.
2 Sources
Super Micro Computer, Inc. (SMCI) is facing multiple class action lawsuits and increased scrutiny from investors. The lawsuits allege violations of securities laws and misleading statements about the company's financial health.
3 Sources
Super Micro Computer Inc. (SMCI) is facing multiple class action lawsuits and investigations over alleged securities violations. Law firms are seeking lead plaintiffs for cases claiming the company made false and misleading statements about its financial condition.
7 Sources