A securities class action has been filed in the USDC — N.D.CA. against Super Micro Computer, Inc. (SMCI) (“SMCI” or the “Company”), on behalf of all persons or entities that purchased or otherwise acquired SMCI securities between February 2, 2021 and August 28, 2024, both dates inclusive (the “Class Period”).
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. The Company further offers server subsystems and accessories including complete servers, storage systems, modular blade servers, blades, workstations, full rack scale solutions, networking devices, and sub-systems, as well as management and security software.
The Complaint alleges that Defendants provided overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts concerning 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.
On August 27, 2024, Hindenburg Research unveiled a research report concerning SMCI. Investors and analysts reacted immediately to these revelations. The price of SMCI’s common stock declined dramatically. From a closing market price of $562.51 per share on August 26, 2024, SMCI’s stock price fell to $443.49 per share on August 28, 2024, a decline of about 21.16% in the span of only two days.
If you purchased SMCI securities during the class period and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information”.
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Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has previously recovered billions of dollars on behalf of investors.