Kirby McInerney LLP announces the filing of a class action lawsuit on behalf of investors in Super Micro Computer, Inc. (SMCI)

The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of those who purchased securities of Super Micro Computer, Inc. (“Super Micro Computer” or the “Company”) (NASDAQ: SMCI) between February 2, 2021 and August 28, 2024 (the “Class Period”). Investors have until October 29, 2024 to request that the Court appoint them as lead plaintiff in the lawsuit.

[Click here to learn more about the class action]

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On August 27, 2024, financial analysis firm Hindenburg Research published a report on behalf of Super Micro Computer detailing alleged “accounting red flags, indications of undisclosed transactions with affiliates, sanctions and export control failures, and customer issues.” On this news, the price of Super Micro shares fell by $14.87 per share, from $562.51 per share on August 26, 2024, to $547.64 on August 27, 2024.

On August 28, 2024, one day after the release of Hindenburg Research's report, Super Micro Computer announced that it would postpone the filing of its annual report for the fiscal year ending June 30, 2024, in order to “complete its evaluation of the design and operating effectiveness of its internal controls over financial reporting.” Following this news, Super Micro's share price declined by $104.15 per share, or approximately 18.3%, to close at $443.49 on August 28, 2024.

The lawsuit alleges that Super Micro Computer failed to disclose that it (i) consistently overreported revenues and underreported expenses, (ii) rehired several executives who had left the company in the wake of an earlier accounting scandal, (iii) had a closer relationship with its affiliates and parties than disclosed, and (iv) continued to export products to areas sealed off by the U.S. government as a result of the Russia-Ukraine war, thereby risking government sanctions.

If you purchased or otherwise acquired securities of Super Micro Computer, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at [email protected] or by completing this CONTACT FORM to discuss your rights or interests with respect to these matters free of charge.

Kirby McInerney LLP is a New York-based plaintiffs' law firm specializing in securities, antitrust, whistleblower, and consumer litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in billions of dollars in awards. For more information about the firm, visit the Kirby McInerney LLP website.

This press release may be considered Attorney Advertising in some jurisdictions under applicable laws and professional rules.

View original version on businesswire.com:

The Super Micro Computer share at the time of publication of the news with a decline of -4.52 % up to 382.1EUR on the Tradegate stock exchange (September 4, 2024, 5:14 p.m.).

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