Super Micro Computer Faces Multiple Securities Class Action Lawsuits Amid Accounting Manipulation Allegations

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 - Super Micro Computer (NASDAQ:SMCI)

NEW ORLEANS, Sept. 24, 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") 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. 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 ([email protected]), 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. 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 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. To learn more about KSF, you may visit www.ksfcounsel.com. Kahn Swick & Foti, LLC Lewis Kahn, Managing Partner [email protected] 1-877-515-1850 1100 Poydras St., Suite 960 New Orleans, LA 70163 Market News and Data brought to you by Benzinga APIs

Super Micro Computer (SMCI) Faces Securities Class Actions Over Accounting Manipulation Accusations - Hagens Berman - Super Micro Computer (NASDAQ:SMCI)

SAN FRANCISCO, Sept. 23, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges Super Micro Computer, Inc. SMCI investors who suffered substantial losses to submit your losses now. 1st Class Period: Aug. 10, 2021 - Aug. 26, 2024 2nd Class Period: Aug. 31, 2023 - Aug. 28, 2024 3rd Class Period: Feb. 2, 2021 - Aug. 26, 2024 Lead Plaintiff Deadline for All Class Actions: Oct. 29, 2024 Visit: www.hbsslaw.com/investor-fraud/smci Contact the Firm Now: [email protected] 844-916-0895 Super Micro Computer, Inc. (SMCI) Securities Class Actions: Shares of Super Micro took a significant hit on September 4, 2024, following a downgrade from Barclays and renewed concerns about the company's internal controls and corporate governance. Barclays expressed concerns about "room for improvement" in these areas, contributing to a 36% drop in the firm's price target for SMCI. Just days earlier, Forbes reported that AI had flagged financial reporting risks at Super Micro in 2022, which were allegedly allowed to go unaddressed. Hudson Labs, a firm specializing in financial disclosure analysis, identified "related party risk" as a significant red flag, suggesting the potential for round-tripping -- a technique used to artificially inflate sales. These revelations have reignited investor concerns about Super Micro, which is already facing three separate class action lawsuits alleging false and misleading statements. The lawsuits, which echo claims made by activist short seller Hindenburg raised in an August 27 report, allege that the company overstated sales, understated expenses, rehired executives involved in previous accounting scandals, had undisclosed ties to related parties, and continued to export products to restricted regions. Following the release of Hindenburg Research's damning report on August 27th, Super Micro announced a delay in its Form 10-K filing, citing the need for additional time to assess its internal controls. Super Micro shares are currently trading down 30% since Hindenburg accused the company of "accounting manipulation." Prominent shareholder rights firm Hagens Berman is now investigating the matter. "We are looking into whether Super Micro may have concealed material weaknesses in its internal controls over financial reporting," said Reed Kathrein, the Hagens Berman partner leading the investigation. If you invested in Super Micro Computer and have substantial losses, or have knowledge that may assist the firm's investigation, submit your losses now " If you'd like more information and answers to frequently asked questions about the Super Micro Computer case and our investigation, read more " Whistleblowers: Persons with non-public information regarding Super Micro Computer should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected]. About Hagens Berman Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw. Reed Kathrein, 844-916-0895 Market News and Data brought to you by Benzinga APIs

SUPER MICRO COMPUTER (NASDAQ: SMCI) INVESTOR ALERT: Berger Montague Advises Investors to Inquire About a Securities Fraud Class Action By Investing.com

PHILADELPHIA, Sept. 23, 2024 (GLOBE NEWSWIRE) -- Berger Montague PC advises investors that a securities fraud class action lawsuit has been filed against Super Micro Computer (NASDAQ:SMCI), Inc. (Super Micro or the Company) (NASDAQ: SMCI) on behalf of purchasers of Super Micro securities between February 2, 2021 through August 28, 2024, inclusive (the Class Period). Investor Deadline: 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. For additional information or to learn how to participate in this litigation, please contact Berger Montague: Andrew Abramowitz at [email protected] or (215) 875-3015, or Peter Hamner at [email protected] or (215) 875-3048, or CLICK HERE. 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). On August 27, 2024, the truth began to emerge when Hindenburg Research issued a research report titled Super Micro: Fresh Evidence of Accounting Manipulation, Sibling Self-Dealing and Sanctions Evasion at this AI High Flyer. In its Report, Hindenburg claimed to have uncovered glaring accounting red flags, evidence of undisclosed related party transactions, sanctions and export control failures, and customer issues. As detailed in the Report and corroborated by a recent whistleblower lawsuit, these accounting manipulations included the improper recognition of revenue, the recognition of incomplete sales, channel stuffing, and the circumvention of internal accounting controls. Hindenburg also reported that Super Micro had evaded U.S. export controls and had shipped approximately $210 million of products to Russia between February 2022 and June 2024. As a result of these disclosures, the price of Super Micro common stock declined by $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 announced that it would not be timely filing its Form 10-K annual report, as it was assessing the design and operating effectiveness of its internal controls over financial reporting. As a result of these disclosures, the price of Super Micro common stock fell $104.15 per share, or 19.02%, to close at $443.49 per share on August 28, 2024. Learn More About the Lawsuit 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.