Super Micro Computer, Inc. (NASDAQ: SMCI): Super Micro Computer (“Super Micro Computer” or the “Company”) and certain of the Company’s senior executives have been sued for violations of the federal securities laws.  The complaints assert claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in Super Micro Computer securities.  The cases are pending in the U.S. District Court for the Northern District of California and are captioned Averza v. Super Micro Computer, Inc. et al, No. 24-cv-06147, Menditto v. Super Micro Computer, Inc. et al, No. 24-cv-06149 , and Spatz v. Super Micro Computer, Inc. et al, No. 24-cv-06193.

If you incurred losses on your investments in Super Micro Computer, you are encouraged to submit your information.

Why was Super Micro Computer Sued for Securities Fraud?

The complaint alleges that Super Micro Computer is one of the largest providers of high-performance and high-efficiency servers. The complaint further alleges that during the Class Period, the Company misrepresented its financial growth, relationships with related parties, and its compliance with United States export restrictions.
 
The Stock Declines as the Truth is Revealed
 
On August 27, 2024, Hindenburg Research, a well-known short seller, published a report concerning Super Micro Computer that “found glaring accounting red flags, evidence of undisclosed related party transactions, sanctions and export control failures, and customer issues.” 

The next day, on August 28, 2024, Super Micro Computer announced that it needed to delay the filing of its Annual Report for the fiscal year ended June 30, 2024 to assess the effectiveness of its internal controls over financial reporting.

The news caused a significant 21% decline in the price of Super Micro Computer stock, from $562.51 per share on August 26, 2024 to $443.49 per share on August 28, 2024.

What are my Rights?
 
If you purchased or otherwise acquired Super Micro Computer securities, you may ask the Court no later than October 29, 2024, which is the first business day after 60 days from the date of the publication of this notice, to appoint you as Lead Plaintiff through counsel of your choice.  To be a member of the Class, you need not take any action at this time.  The ability to share in any potential future recovery is not dependent on serving as Lead Plaintiff. 

If you incurred losses on your investments in Super Micro Computer, you are encouraged to submit your information to speak with an attorney about your rights.  

You can also contact:
Ross Shikowitz
ross@bfalaw.com
212-789-3619

All representation is on a contingency fee basis. Shareholders are not responsible for any court costs or expenses of litigation. The Firm will seek court approval for any potential fees and expenses.

Why Bleichmar Fonti & Auld LLP?

BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It was named among the Top 5 plaintiff law firms by ISS SCAS in 2023 and its attorneys have been named Titans of the Plaintiffs’ Bar by Law360 and SuperLawyers by Thompson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors (pending court approval), as well as $420 million from Teva Pharmaceutical Ind. Ltd.
 
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