SAN DIEGO, Sept. 02, 2024 (GLOBE NEWSWIRE) — Robbins LLP informs investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Super Mirco Computer, Inc. (NASDAQ: SMCI) securities between August 10, 2021 and August 26, 2024. SMCI is an international company that develops, manufactures, and provides server and storage systems for various markets, including data centers, cloud computing, AI, 5G, and edge computing.
For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.
The Allegations: Robbins LLP is Investigating Allegations that Super Micro Computer, Inc. (SMCI) Misled Investors Regarding its Business Prospects
According to the complaint, during the class period, defendants failed to disclose to investors the true state of SMCI’s accounting; notably, that it was subject to consistent overreporting of sales and underreporting of expenses, that it had re-hired multiple executives who departed in the wake of the Company’s prior accounting scandal, that the Company has a closer relationship to its related parties than disclosed, that SMCI had more related parties than it had disclosed, and that the Company had not ceased exporting products to areas restricted by the United States government as a result of the Russia-Ukraine war, risking government sanction.
Plaintiff alleges that on August 27, 2024, Hindenburg Research unveiled a research report concerning SMCI. The research report detailed several allegations against the Company, including that Hindenburg “found glaring accounting red flags, evidence of undisclosed related party transactions, sanctions and control failures, and customer issues.” On this news, the price of SMCI’s common stock declined dramatically from a closing market price of $562.51 per share on August 26, 2024, to $443.49 per share on August 28, 2024, a decline of approximately 21.16% in the span of two days.
What Now: You may be eligible to participate in the class action against Super Micro Computer, Inc. Shareholders who want to serve as lead plaintiff for the class must submit their application to the court by October 29, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.
To be notified if a class action against Super Micro Computer, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.
Attorney Advertising. Past results do not guarantee a similar outcome.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/064da69f-14d7-4762-b28b-de29a7b2debb