SAN FRANCISCO, Feb. 27, 2018 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP reminds investors in Super Micro Computer, Inc. (NASDAQ:SMCI) of the April 9, 2018 Lead Plaintiff deadline in the securities class action linked to possible improper accounting, delayed 10-K filing, and a NASDAQ non-compliance letter. If you purchased or otherwise acquired securities of SMCI between August 5, 2016 and January 30, 2018 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information, visit:
https://www.hbsslaw.com/cases/SMCI
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing
Beginning on August 29, 2017, Super Micro Computer alerted investors to problems with timely filing its financial statements at the SEC. This time, the Company said it would not file its annual report for the year ended June 30, 2017.
Shortly thereafter, NASDAQ notified the Company that it was out of compliance with listing rules.
During late October 2017 the Company announced it reversed certain revenues recorded during the quarter ended December 31, 2016 and instead recognized them during the quarter ended March 31, 2017.
By January 30, 2018 the Company announced it had still not filed its annual report, its Audit Committee completed its investigation into the matter, and its CFO left the Company.
During the course of these events, the price of Super Micro’s shares fell from the August 29, 2017 closing price of $27.20 to close at $22.83 on January 31, 2018 – a loss of $4.37 or about 16%.
“We’re focused on the extent of SMCI’s apparent violations of generally accepted accounting principles, whether it will restate, and investors’ damages,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding SMCI should consider their options to help in the investigation or take advantage of the SEC whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email SMCI@hbsslaw.com.
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