SMCI INVESTORS ALERT: Lieff Cabraser Announces Securities Class Action Against Super Micro Computer, Inc.
February 20 2018 - 12:47PM
Business Wire
The law firm of Lieff Cabraser Heimann & Bernstein, LLP
announces that class action litigation has been filed on behalf of
investors who purchased or otherwise acquired the securities of
Super Micro Computer, Inc. (“Super Micro” or the “Company”)
(Nasdaq: SMCI) between August 5, 2016 and January 30, 2018,
inclusive (the “Class Period”).
If you purchased or otherwise acquired Super Micro securities
during the Class Period, you may move the Court for appointment as
lead plaintiff by no later than April 9, 2018. A lead plaintiff is
a representative party who acts on behalf of other class members in
directing the litigation. Your share of any recovery in the actions
will not be affected by your decision of whether to seek
appointment as lead plaintiff. You may retain Lieff Cabraser, or
other attorneys, as your counsel in the actions.
Super Micro investors who wish to learn more about the
litigation and how to seek appointment as lead plaintiff should
click here or contact Sharon M. Lee of Lieff Cabraser toll-free at
1-800-541-7358.
Background on the Super Micro Securities Class
Litigation
Super Micro is a San Jose, California-based Company that
designs, develops, manufactures, and sells server solutions.
The action alleges that throughout the Class Period, defendants
made false and/or misleading statements and/or failed to disclose
that: (1) Super Micro’s financial statements contained erroneous
accounting, including errors regarding at least one of the
Company’s sales transactions; (2) accordingly, Super Micro’s
internal controls were not effective; and (3) the Company would not
be able to timely review and evaluate the impact of these issues on
their past financial statements.
On August 29, 2017, after the market closed, Super Micro
reported that the Company was “not in a position” to timely file
its Form 10-K for the fiscal year ended June 30, 2017, and that it
would need additional time “to compile and analyze certain
information and documentation and complete preparation of its
financial statements.” On this news, the price of Super Micro
shares declined $1.35, or 4.96% from a previous close of $27.20 per
share on August 29, 2017, to close at $25.85 on August 30, 2017, on
highly elevated trading volume.
On October 26, 2017, after market close, Super Micro announced a
continued delay in filing the 10-K, stating that a particular sales
transaction “was subject to additional inquiry and review.” The
Company stated that the transaction “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, the price of Super Micro shares fell $1.23, or 5.65%
from a closing price of $21.70 per share on October 26, 2017, to
close at $20.48 on October 27, 2017, on extremely heavy trading
volume.
On January 30, 2018, after market close, Super Micro announced
that its Audit Committee had completed its investigation, but that
more time was needed “to analyze the impact, if any, of the results
of the investigation on the Company’s historical financial
statements” and so the Company would still not yet be able to file
its Form 10-K for the fiscal year ended June 30, 2017. The same
day, Super Micro announced the resignations of Howard Hideshima,
Senior Vice President and Chief Financial Officer, Phidias Chou,
Senior Vice President of Worldwide Sales, and Wally Liaw, Senior
Vice President of International Sales. On this news, the price of
Super Micro shares dropped $1.82, or 7.38% from a previous closing
price of $24.65 on January 30, 2018, to close at $22.83 on January
31, 2018, on elevated trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San
Francisco, New York, Nashville, and Seattle, is a nationally
recognized law firm committed to advancing the rights of investors
and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of
the nation’s top plaintiffs’ law firms for fourteen years. In
compiling the list, the National Law Journal examines recent
verdicts and settlements and looked for firms “representing the
best qualities of the plaintiffs’ bar and that demonstrated unusual
dedication and creativity.” Law360 has selected Lieff Cabraser as
one of the Top 50 law firms nationwide for litigation, highlighting
our firm’s “laser focus” and noting that our firm routinely finds
itself “facing off against some of the largest and strongest
defense law firms in the world.” In late 2016, Benchmark Litigation
named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in
America.”
For more information about Lieff Cabraser and the firm’s
representation of investors, please visit
http://www.lieffcabraser.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20180220006273/en/
Source/Contact for Media Inquiries OnlyLieff Cabraser
Heimann & Bernstein, LLPSharon M. Lee, 1-800-541-7358