Super Micro Computer, Inc. (NASDAQ: SMCI)

This lawsuit is for anyone who acquired securities in Super Micro Computer, Inc. (NASDAQ: SMCI) from February 2, 2021 through September 25, 2024.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by, among other things, failing to disclose significant related party transactions.

On August 27, 2024, Hindenburg Research published a report alleging, among other things, that an investigation into Super Micro “found glaring accounting red flags, evidence of undisclosed related party transactions, sanctions and export control failures, and customer issues,” including “improper revenue recognition,” “recognizing incomplete sales,” and “circumvention of internal accounting controls.” Additionally, the report states that Super Micro’s CEO’s younger brother operates two Taiwan-based companies which “appear to be undisclosed suppliers of Super Micro.” On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. On September 26, 2024, The Wall Street Journal reported that the U.S. Department of Justice (“DOJ”) had initiated an investigation into Super Micro. The investigation reportedly focused on allegations made by a whistleblower and former employee, who accused the company of accounting violations. On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Super Micro Computer, Inc. (NASDAQ: SMCI) from February 2, 2021 through September 25, 2024 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.