LOS ANGELES, Oct. 28, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Super Micro Computer, Inc. ("Super Micro" or the "Company") (NASDAQ: SMCI) investors of a class action representing investors that bought securities between February 2, 2021 and August 28, 2024, inclusive (the "Class Period"). Super Micro investors have until October 29, 2024 to file a lead plaintiff motion.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
CASE ALLEGATION: Super Micro specializes in developing and manufacturing high-performance server and storage solutions.
The class action lawsuit against Super Micro claims that during the Class Period, the defendants made false and misleading statements and failed to disclose key information, including: (i) consistent overreporting of sales and underreporting of expenses; (ii) the re-hiring of several executives who left following a previous accounting scandal; (iii) a closer relationship with related parties than was publicly revealed; and (iv) continued exports of products to regions restricted by the U.S. government due to the Russia-Ukraine conflict, which posed a risk of government sanctions.
Additionally, on August 27, 2024, Hindenburg Research released a report titled “Super Micro: Fresh Evidence of Accounting Manipulation, Sibling Self-Dealing and Sanctions Evasion at This AI High Flyer.”
Following this, on August 28, 2024, the lawsuit alleges that Super Micro announced a delay in filing its Form 10-K for Fiscal Year 2024, citing the need for more time to assess the effectiveness of its internal financial controls as of June 30, 2024. As a result, Super Micro's stock price dropped by over 21% within two trading sessions.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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