Super Micro Computer Inc. Faces Multiple Investor Lawsuits and Investigations
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[1]
SMCI INVESTOR DEADLINE: Robbins Geller Rudman & Dowd LLP Announces that Super Micro Computer, Inc. Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit
The law firm ofRobbins Geller Rudman & Dowd LLP announces that the Super Micro class action lawsuit - captioned Averza v. Super Micro Computer, Inc., No. 24-cv-06147 (N.D. Cal.) - charges Super Micro Computer, Inc. (NASDAQ: SMCI) and certain of Super Micro's top executives with violations of the Securities Exchange Act of 1934. A subsequently filed complaint is captioned Menditto v. Super Micro Computer, Inc., No. 24-cv-06149 (N.D. Cal.). If you suffered substantial losses and wish to serve as lead plaintiff of the Super Micro class action lawsuit, please provide your information here: https://www.rgrdlaw.com/cases-super-micro-computer-inc-class-action-lawsuit-smci.html You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at [email protected]. Lead plaintiff motions for the Super Micro class action lawsuit must be filed with the court no later than October 29, 2024. CASE ALLEGATIONS: Super Micro develops and manufactures high performance server and storage solutions. The Super Micro class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Super Micro was subject to consistent overreporting of sales and underreporting of expenses; (ii) Super Micro had re-hired multiple executives who departed in the wake of Super Micro's prior accounting scandal; (iii) Super Micro had a closer relationship to its related parties than disclosed; and (iv) Super Micro had not ceased exporting products to areas restricted by the United States government as a result of the Russia-Ukraine war, risking government sanction. The Super Micro class action lawsuit further alleges that on August 27, 2024, Hindenburg Research unveiled a research report entitled "Super Micro: Fresh Evidence of Accounting Manipulation, Sibling Self-Dealing And Sanctions Evasion At This AI High Flyer." Then, on August 28, 2024, the Super Micro class action lawsuit alleges that Super Micro announced it would "Delay Form 10-K Filing for Fiscal Year 2024," stating that "[a]dditional time is needed for [Super Micro's] management to complete its assessment of the design and operating effectiveness of its internal controls over financial reporting as of June 30, 2024." On this news, the price of Super Micro stock fell more than 21% over two trading sessions, according to the complaint. THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Super Micro securities during the Class Period to seek appointment as lead plaintiff in the Super Micro class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Super Micro class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Super Micro class action lawsuit. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Super Micro class action lawsuit. ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world's leading law firms representing investors in securities fraud cases. Our Firm has been #1 in the ISS Securities Class Action Services rankings for six out of the last ten years for securing the most monetary relief for investors. We recovered $6.6 billion for investors in securities-related class action cases - over $2.2 billion more than any other law firm in the last four years. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs' firms in the world and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever - $7.2 billion - in In re Enron Corp. Sec. Litig. Please visit the following page for more information: https://www.rgrdlaw.com/services-litigation-securities-fraud.html Attorney advertising. Past results do not guarantee future outcomes. Services may be performed by attorneys in any of our offices. View source version on businesswire.com: https://www.businesswire.com/news/home/20240830831367/en/
[2]
SMCI INVESTOR ALERT: Robbins Geller Rudman & Dowd LLP Announces that Super Micro Computer, Inc. Investors with Substantial Losses Have Opportunity to Lead the Super Micro Class Action Lawsuit - Super Micro Computer (NASDAQ:SMCI)
SAN DIEGO, Aug. 30, 2024 (GLOBE NEWSWIRE) -- Robbins Geller Rudman & Dowd LLP announces that the Super Micro class action lawsuit - captioned Averza v. Super Micro Computer, Inc., No. 24-cv-06147 (N.D. Cal.) - charges Super Micro Computer, Inc. SMCI and certain of Super Micro's top executives with violations of the Securities Exchange Act of 1934. A subsequently filed complaint is captioned Menditto v. Super Micro Computer, Inc., No. 24-cv-06149 (N.D. Cal.). If you suffered substantial losses and wish to serve as lead plaintiff of the Super Micro class action lawsuit, please provide your information here: https://www.rgrdlaw.com/cases-super-micro-computer-inc-class-action-lawsuit-smci.html You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at [email protected]. Lead plaintiff motions for the Super Micro Computer class action lawsuit must be filed with the court no later than October 29, 2024. CASE ALLEGATIONS: Super Micro develops and manufactures high performance server and storage solutions. The Super Micro class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Super Micro was subject to consistent overreporting of sales and underreporting of expenses; (ii) Super Micro had re-hired multiple executives who departed in the wake of Super Micro's prior accounting scandal; (iii) Super Micro had a closer relationship to its related parties than disclosed; and (iv) Super Micro had not ceased exporting products to areas restricted by the United States government as a result of the Russia-Ukraine war, risking government sanction. The Super Micro class action lawsuit further alleges that on August 27, 2024, Hindenburg Research unveiled a research report entitled "Super Micro: Fresh Evidence of Accounting Manipulation, Sibling Self-Dealing And Sanctions Evasion At This AI High Flyer." Then, on August 28, 2024, the Super Micro class action lawsuit alleges that Super Micro announced it would "Delay Form 10-K Filing for Fiscal Year 2024," stating that "[a]dditional time is needed for [Super Micro's] management to complete its assessment of the design and operating effectiveness of its internal controls over financial reporting as of June 30, 2024." On this news, the price of Super Micro stock fell more than 21% over two trading sessions, according to the complaint. THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Super Micro securities during the Class Period to seek appointment as lead plaintiff in the Super Micro class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Super Micro class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Super Micro class action lawsuit. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Super Micro class action lawsuit. ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world's leading law firms representing investors in securities fraud cases. Our Firm has been #1 in the ISS Securities Class Action Services rankings for six out of the last ten years for securing the most monetary relief for investors. We recovered $6.6 billion for investors in securities-related class action cases - over $2.2 billion more than any other law firm in the last four years. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs' firms in the world and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever - $7.2 billion - in In re Enron Corp. Sec. Litig. Please visit the following page for more information: https://www.rgrdlaw.com/services-litigation-securities-fraud.html Attorney advertising. Past results do not guarantee future outcomes. Services may be performed by attorneys in any of our offices. Robbins Geller Rudman & Dowd LLP J.C. Sanchez, Jennifer N. Caringal 655 W. Broadway, Suite 1900, San Diego, CA 92101 800-449-4900 [email protected] Market News and Data brought to you by Benzinga APIs
[3]
SMCI INVESTIGATION NOTICE: Robbins Geller Rudman & Dowd LLP Announces Investigation into Super Micro Computer, Inc. and Encourages Investors with Substantial Losses or Witnesses with Relevant Information to Contact the Firm - Super Micro Computer (NASDAQ:SMCI)
SAN DIEGO, Aug. 30, 2024 (GLOBE NEWSWIRE) -- The law firm of Robbins Geller Rudman & Dowd LLP is investigating potential violations of U.S. federal securities laws involving Super Micro Computer, Inc. SMCI focused on whether Super Micro and certain of its top executives made false and/or misleading statements and/or failed to disclose material information to investors. If you have information that could assist in the Super Micro investigation or if you are a Super Micro investor who suffered a loss and would like to learn more, you can provide your information here: https://www.rgrdlaw.com/cases-super-micro-computer-investigation-smci.html You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at [email protected]. THE COMPANY: Super Micro develops and manufactures high performance server and storage solutions. THE REVELATION: On August 27, 2024, Hindenburg Research issued a report entitled "Super Micro: Fresh Evidence Of Accounting Manipulation, Sibling Self-Dealing And Sanctions Evasion At This AI High Flyer." Following this news, Super Micro's stock price fell. Then, the following day on August 28, 2024, Super Micro disclosed that "it expects that it will not timely file its Annual Report on Form 10-K for the fiscal year ended June 30, 2024" and that "[a]dditional 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." Following this news, Super Micro's stock price fell. Last year, Robbins Geller as lead counsel secured an $18.25 million settlement on behalf of Super Micro investors in a securities fraud class action lawsuit alleging that Super Micro and certain of its executives misled investors regarding Super Micro's business and financial results. ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world's leading law firms representing investors in securities fraud cases. Our Firm has been #1 in the ISS Securities Class Action Services rankings for six out of the last ten years for securing the most monetary relief for investors. We recovered $6.6 billion for investors in securities-related class action cases - over $2.2 billion more than any other law firm in the last four years. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs' firms in the world and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever - $7.2 billion - in In re Enron Corp. Sec. Litig. Please visit the following page for more information: https://www.rgrdlaw.com/services-litigation-securities-fraud.html Attorney advertising. Past results do not guarantee future outcomes. Services may be performed by attorneys in any of our offices. Contact: Robbins Geller Rudman & Dowd LLP J.C. Sanchez, Jennifer N. Caringal 655 W. Broadway, Suite 1900, San Diego, CA 92101 800-449-4900 [email protected] Market News and Data brought to you by Benzinga APIs
[4]
INVESTOR ALERT: DiCello Levitt LLP Announces the Filing of a Securities Class Action Lawsuit Against Super Micro Computer, Inc. (NASDAQ: SMCI) - Super Micro Computer (NASDAQ:SMCI)
SAN DIEGO, Aug. 30, 2024 (GLOBE NEWSWIRE) -- Today, DiCello Levitt LLP ("DiCello Levitt") filed a class action lawsuit in the U.S. District Court for the Northern District of California alleging violations of the federal securities laws by Super Micro Computer, Inc. SMCI ("Super Micro" or the "Company") and certain of the Company's senior executives (collectively, "Defendants"). The action is brought on behalf of all persons or entities that purchased or otherwise acquired Super Micro common stock between February 2, 2021, and August 26, 2024, inclusive (the "Class Period"). The docket number for the case is 5:24-cv-06193. If you suffered a loss in Super Micro common stock, you have until October 29, 2024to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery does not require that you serve as a lead plaintiff. If you suffered a significant loss, would like a copy of the complaint, or wish to discuss this action you can contact DiCello Levitt attorneys Brian O'Mara and Hani Farah by calling (888) 287-9005 or emailing [email protected]. Case Allegations Headquartered in San Jose, California, Super Micro 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. The complaint alleges that, throughout the Class Period, Defendants reported to investors and the market the Company's continued record demand, surging revenue growth, and increased product shipments. The Company also represented that it adhered to U.S. and other applicable trade control regulations and confirmed that no sales of any products occurred in the Russian Federation during fiscal years 2023 and 2024 and that the Company and its subsidiaries did not sell products or provide services to the Russian Federal Security Service ("FSB"). As a result of Defendants' representations and the Company's reported financial and operational results, the price of Super Micro common stock surged above $1,255 per share. On August 27, 2024, the truth began to emerge when investment research firm Hindenburg Research ("Hindenburg") issued a research report titled Super Micro: Fresh Evidence of Accounting Manipulation, Sibling Self-Dealing and Sanctions Evasion at this AI High Flyer ("Report"). In its Report, Hindenburg stated it had 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. The Report also stated that Hindenburg had uncovered evidence that Super Micro had evaded U.S. export controls and between February 24, 2022 and June 30, 2024, Super Micro's exports of products to Russia spiked, having shipped approximately $210 million of Super Micro products to Russia during that period. As a result of these disclosures on August 27, 2024, the price of Super Micro common stock declined by $14.87 per share, falling 2.64% to close at $547.64. The next day, on August 28, 2024, Super Micro announced that it would not be timely filing its Form 10-K annual report as it is assessing the "design and operating effectiveness of its internal controls over financial reporting," stating: Super Micro . . . today announced 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. SMCI 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. As a result of these disclosures on August 28, 2024, the price of Super Micro common stock continued to decline, falling $104.15 per share, or 19.02%, to close at $443.49. About DiCello Levitt At DiCello Levitt, we are dedicated to achieving justice for our clients through class action, business-to-business, public client, whistleblower, personal injury, civil and human rights, and mass tort litigation. Our lawyers are highly respected for their ability to litigate and win cases - whether by trial, settlement, or otherwise - for people who have suffered harm, global corporations that have sustained significant economic losses, and public clients seeking to protect their citizens' rights and interests. Every day, we put our reputations - and our capital - on the line for our clients. DiCello Levitt has achieved top recognition as Plaintiffs Firm of the Year and Trial Innovation Firm of the Year by the National Law Journal, in addition to its top-tier Chambers and Benchmark ratings. The New York Law Journal also recently recognized DiCello Levitt as a Distinguished Leader in trial innovation. For more information about the Firm, including recent trial victories and case resolutions, please visit www.dicellolevitt.com. Media Contact Amy Coker 4747 Executive Drive, Suite 240 San Diego, CA 92121 619-963-2426 [email protected] Market News and Data brought to you by Benzinga APIs
[5]
DiCello Levitt LLP Announces the Filing of a Securities Class Action Lawsuit Against Super Micro Computer, Inc. (NASDAQ: SMCI)
, (GLOBE NEWSWIRE) -- Today, ("DiCello Levitt") filed a class action lawsuit in the alleging violations of the federal securities laws by (NASDAQ: SMCI) ("Super Micro" or the "Company") and certain of the Company's senior executives (collectively, "Defendants"). The action is brought on behalf of all persons or entities that purchased or otherwise acquired Super Micro common stock between , and , inclusive (the "Class Period"). The docket number for the case is 5:24-cv-06193. If you suffered a loss in Super Micro common stock, you have until , 2024to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery does not require that you serve as a lead plaintiff. If you suffered a significant loss, would like a copy of the complaint, or wish to discuss this action you can contact DiCello Levitt attorneys Brian O'Mara and by calling (888) 287-9005 or emailing [email protected]. Case Allegations Headquartered in , Super Micro 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. The complaint alleges that, throughout the Class Period, Defendants reported to investors and the market the Company's continued record demand, surging revenue growth, and increased product shipments. The Company also represented that it adhered to and other applicable trade control regulations and confirmed that no sales of any products occurred in the during fiscal years 2023 and 2024 and that the Company and its subsidiaries did not sell products or provide services to the ("FSB"). As a result of Defendants' representations and the Company's reported financial and operational results, the price of Super Micro common stock surged above per share. On , the truth began to emerge when investment research firm ("Hindenburg") issued a research report titled Super Micro: Fresh Evidence of Accounting Manipulation, Sibling Self-Dealing and Sanctions Evasion at this AI High Flyer ("Report"). In its Report, Hindenburg stated it had 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. The next day, on , Super Micro announced that it would not be timely filing its Form 10-K annual report as it is assessing the "design and operating effectiveness of its internal controls over financial reporting," stating: Super Micro . . . today announced that it expects that it will not timely file its Annual Report on Form 10-K for the fiscal year ended (the "Annual Report") and expects to file a Notification of Late Filing on Form 12b-25 with respect to the Annual Report on . SMCI 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 . SMCI has not made updates to its results for the fiscal year and quarter ended that were announced in SMCI's press release dated . At DiCello Levitt, we are dedicated to achieving justice for our clients through class action, business-to-business, public client, whistleblower, personal injury, civil and human rights, and mass tort litigation. Our lawyers are highly respected for their ability to litigate and win cases - whether by trial, settlement, or otherwise - for people who have suffered harm, global corporations that have sustained significant economic losses, and public clients seeking to protect their citizens' rights and interests. Every day, we put our reputations - and our capital - on the line for our clients. DiCello Levitt has achieved top recognition as Plaintiffs Firm of the Year and Trial Innovation Firm of the Year by the , in addition to its top-tier Chambers and Benchmark ratings. The also recently recognized DiCello Levitt as a Distinguished Leader in trial innovation. For more information about the Firm, including recent trial victories and case resolutions, please visit www.dicellolevitt.com.
[6]
Rosen Law Firm Encourages Super Micro Computer, Inc. Investors to Inquire About Securities Class Action Investigation - SMCI - Super Micro Computer (NASDAQ:SMCI)
NEW YORK, Aug. 30, 2024 (GLOBE NEWSWIRE) -- Why: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Super Micro Computer, Inc. SMCI resulting from allegations that Super Micro Computer may have issued materially misleading business information to the investing public. So What: If you purchased Super Micro Computer securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses. What to do next: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=28261 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. What is this about: 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." The report found issues regarding "accounting red flags, evidence of undisclosed related party transactions, sanctions and export control failures, and customer issues." On this news, Super Micro Computer's stock fell $14.87 per share, or 2.6%, to close at $547.64 per share on August 27, 2024. Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers. Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/. Attorney Advertising. Prior results do not guarantee a similar outcome. ------------------------------- Contact Information: Laurence Rosen, Esq. Phillip Kim, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 40th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 [email protected] www.rosenlegal.com Market News and Data brought to you by Benzinga APIs
[7]
Super Micro Computer (SMCI) Tanks After Delaying Annual Report One Day After Hindenburg Report - Hagens Berman - Super Micro Computer (NASDAQ:SMCI)
SAN FRANCISCO, Aug. 30, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges Super Micro Computer, Inc. SMCI investors who suffered substantial losses to submit your losses now. The firm also encourages persons with knowledge who may assist the investigation to contact its attorneys. Visit: www.hbsslaw.com/investor-fraud/smci Contact the Firm Now: [email protected] 844-916-0895 Investigation Into Super Micro Computer, Inc. (SMCI): The investigation focuses on the propriety of Super Micro Computer's financial reporting and whether its financial statements were prepared in accordance with applicable accounting rules. The price of Super Micro Computer shares tanked as much as 27% on August 28, 2024 after the company announced that it would not timely file its annual report for the fiscal year ended June 30, 2024. The company blamed the delay on the need to assess "the design and operating effectiveness of its internal controls over financial reporting[.]" The day before, on August 27, 2024, the price of Super Micro Computer shares significantly fell after activist short seller Hindenburg Research published "Super Micro: Fresh Evidence Of Accounting Manipulation, Sibling Self-Dealing And Sanctions Evasion At This AI High Flyer." After interviewing former senior employees, industry experts, and a whistleblower lawsuit brought by Super Micro's former head of Global Services, Hindenburg concluded "[a]ll told, we believe Super Micro is a serial recidivist[]" and it "faces significant accounting, governance and compliance issues and offers an inferior product and service now being eroded away by more credible competition." Citing the whistleblower lawsuit, Hindenburg noted allegations against Super Micro of improper revenue recognition, recognizing incomplete sales, and circumvention of internal accounting controls. Hindenburg also wrote "pressure to meet quotas pushed salespeople to stuff the channel with distributors using 'partial shipments' or by shipping defective products around quarter-end, per our interviews with former employees and customers." "We are looking into whether Super Micro may have misled investors about its revenue recognition practices," 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 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
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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.
Multiple Law Firms Announce Lawsuits Against Super Micro Computer Inc.
Super Micro Computer Inc. (SMCI), a global leader in high-performance server technology, is currently embroiled in a series of legal challenges. Several prominent law firms have announced class action lawsuits and investigations against the company, alleging violations of federal securities laws 1.
Allegations of False and Misleading Statements
The lawsuits claim that Super Micro Computer made false and misleading statements about its business operations and financial condition. Specifically, the company is accused of overstating its inventory and failing to maintain appropriate internal controls over financial reporting 2.
Timeline of Legal Actions
Robbins Geller Rudman & Dowd LLP announced the filing of a class action lawsuit on August 23, 2024. The firm is seeking to represent purchasers of Super Micro Computer securities between August 3, 2022, and August 15, 2024 3.
Impact on Investors
The alleged misrepresentations have reportedly led to significant losses for investors. When the truth about the company's financial condition was revealed, Super Micro Computer's stock price fell substantially, causing harm to investors who had relied on the company's statements 4.
Legal Representation and Lead Plaintiff Deadline
Multiple law firms, including DiCello Levitt LLP and Robbins Geller Rudman & Dowd LLP, are actively seeking investors who purchased Super Micro Computer securities during the specified period to serve as lead plaintiffs in the class action lawsuits. The deadline for investors to seek appointment as lead plaintiff is set for October 23, 2024 5.
Ongoing Investigations
In addition to the filed lawsuits, law firms are conducting ongoing investigations into potential securities fraud claims against Super Micro Computer. These investigations aim to uncover further evidence of alleged misconduct and to identify additional affected investors 1.
Company Response
As of now, Super Micro Computer Inc. has not publicly responded to the allegations or the multiple lawsuits filed against it. The company's silence on these matters has left investors and market watchers speculating about the potential outcomes and long-term implications for the tech giant.
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