BOCA RATON, Fla., Feb. 08, 2018 (GLOBE NEWSWIRE) -- Saxena White P.A. has filed a securities fraud class action lawsuit in the United States District Court for the Northern District of California against Super Micro Computer, Inc. (“Super Micro” or the “Company”) (NASDAQ:SMCI) on behalf of investors who purchased or otherwise acquired the common stock of the Company between August 5, 2016 and January 30, 2018, inclusive (the “Class Period”).
Super Micro, headquartered in San Jose, California, designs, develops, manufactures and sells server solutions. The Company’s products include servers, motherboards, chassis and other accessories.
The Complaint asserts claims for violations of the Securities Exchange Act of 1934. The Complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects.
Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Super Micro was improperly and illicitly recognizing revenue on certain sales transactions; (2) the Company failed to implement and maintain proper internal controls over its financial reporting (3); Super Micro’s revenues and income were artificially inflated as a result of its illicit business practices; (4) these practices caused the Company to be vulnerable to potential civil and criminal liability, and adverse regulatory action; and (5) as a result of the foregoing, Defendants’ statements about Super Micro’s business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.
You may obtain a copy of the Complaint and join the class action at www.saxenawhite.com.
If you purchased Super Micro shares between August 5, 2016 and January 30, 2018, you may contact Lester Hooker (lhooker@saxenawhite.com) at Saxena White P.A. to discuss your rights and interests.
If you purchased Super Micro securities during the Class Period of August 5, 2016 through January 30, 2018 and wish to apply to be the lead plaintiff in this action, a motion on your behalf must be filed with the Court by no later than April 9, 2018. You may contact Saxena White P.A. to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member.
Saxena White P.A., with offices in Florida, New York, and Massachusetts, concentrates its practice on prosecuting securities fraud and complex class actions on behalf of institutions and individuals. Currently serving as lead counsel in numerous securities fraud class actions nationwide, the firm has recovered hundreds of millions of dollars on behalf of injured investors and is active in major litigation pending in federal and state courts throughout the United States.