Pomerantz LLP announces that a class action lawsuit has been filed
against Super Micro Computer, Inc. (“Super Micro” or the “Company”)
SMCI, +2.07%
and certain of its officers. The class action, filed in
United States District Court, for the Northern District of California,
and docketed under 18-cv-00838, is on behalf of a class consisting of
investors who purchased or otherwise acquired Super Micro securities,
seeking to recover compensable damages caused by defendants’ violations
of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Super Micro securities between
January 27, 2017, and January 30, 2018, both dates inclusive, you have
until April 9, 2018, to ask the Court to appoint you as Lead Plaintiff
for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com
or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who
inquire by e-mail are encouraged to include their mailing address,
telephone number, and the number of shares purchased.
[Click
here to join this class action]
Super Micro Computer, Inc. designs, develops, manufactures and sells
server solutions based on modular and open-standard architecture. The
Company’s products include servers, motherboards, chassis, and
accessories.
The Complaint alleges that throughout the Class Period, Defendants made
materially false and misleading statements regarding the Company’s
business, operational and compliance policies. Specifically, Defendants
made false and/or misleading statements and/or failed to disclose that:
(i) Super Micro’s financial statements contained accounting errors,
including errors with respect to one of the Company’s sales
transactions; (ii) as such, the Company’s internal controls were not
effective; (iii) Super Micro lacked the capability to timely review and
assess the impact of the foregoing issues; and (iv) as a result, Super
Micro’s public statements were materially false and misleading at all
relevant times.
On August 29, 2017, post-market, Super Micro filed a Notice of Late
Filing with the SEC, reporting that the Company “is not in a position to
file its Form 10-K for fiscal year ended June 30, 2017 (the “Form
10-K”), in a timely manner because the Registrant cannot complete the
Form 10-K in a timely manner without unreasonable effort or expense” and
that “[a]dditional time is needed for the Company to compile and analyze
certain information and documentation and complete preparation of its
financial statements.”
On this news, Super Micro’s share price fell $1.35, or 4.96%, to close
at $25.85 on August 30, 2017.
Then, on October 26, 2017, post-market, Super Micro reaffirmed its delay
in filing the 10-K, stating that “[i]n connection with the in-process
audit of the Company’s financial results for the year ended June 30,
2017, a sales transaction was subject to additional inquiry and review”.
Super Micro advised investors that the transaction at issue “was
originally recorded as revenue during the quarter ended December 31,
2016. However, prior to review by the Company’s independent auditors and
prior to the Company’s public announcement of its results for the
quarter, the recognition of revenue was reversed and the revenue was
subsequently recognized in the quarter ended March 31, 2017.”
On this news, Super Micro’s share price fell $1.23, or 5.65%, to close
at $20.48 on October 27, 2017.
On January 30, 2018, post-market, Super Micro announced that the
Company’s “Audit Committee has completed the previously disclosed
investigation,” and that “[a]dditional time is required to analyze the
impact, if any, of the results of the investigation on the Company’s
historical financial statements, as well as to conduct additional
reviews before the Company will be able to finalize its Annual Report on
Form 10-K for the fiscal year ended June 30, 2017.” Super Micro also
announced the resignations of three executives: Wally Liaw, Senior Vice
President of International Sales; Phidias Chou, Senior Vice President of
Worldwide Sales; and Howard Hideshima, Senior Vice President and Chief
Financial Officer (“CFO”).
Following this news, Super Micro’s share price fell $1.83, or 7.4%, to
close at $22.83 on January 31, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and
Paris, is acknowledged as one of the premier firms in the areas of
corporate, securities, and antitrust class litigation. Founded by the
late Abraham L. Pomerantz, known as the dean of the class action bar,
the Pomerantz Firm pioneered the field of securities class actions.
Today, more than 80 years later, the Pomerantz Firm continues in the
tradition he established, fighting for the rights of the victims of
securities fraud, breaches of fiduciary duty, and corporate misconduct.
The Firm has recovered numerous multimillion-dollar damages awards on
behalf of class members. See www.pomerantzlaw.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20180311005025/en/
SOURCE: Pomerantz LLP
Pomerantz LLP
Robert S. Willoughby
rswilloughby@pomlaw.com
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