NEW YORK, NY / ACCESSWIRE / March 14, 2018 / Pomerantz LLP announces that a class action lawsuit has been filed against Super Micro Computer, Inc. ("Super Micro" or the "Company") (NASDAQ: SMCI) and certain of its officers. The class action, filed in United States District Court, for the Northern District of California, and docketed under 18-cv-00838, is on behalf of a class consisting of investors who purchased or otherwise acquired Super Micro securities, seeking to recover compensable damages caused by defendants' violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Super Micro securities between January 27, 2017, and January 30, 2018, both dates inclusive, you have until April 9, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at email@example.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
[Click here to join this class action]
Super Micro Computer, Inc. designs, develops, manufactures, and sells server solutions based on modular and open-standard architecture. The Company's products include servers, motherboards, chassis, and accessories.
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Super Micro's financial statements contained accounting errors, including errors with respect to one of the Company's sales transactions; (ii) as such, the Company's internal controls were not effective; (iii) Super Micro lacked the capability to timely review and assess the impact of the foregoing issues; and (iv) as a result, Super Micro's public statements were materially false and misleading at all relevant times.
On August 29, 2017, post-market, Super Micro filed a Notice of Late Filing with the SEC, reporting that the Company "is not in a position to file its Form 10-K for fiscal year ended June 30, 2017 (the "Form 10-K"), in a timely manner because the Registrant cannot complete the Form 10-K in a timely manner without unreasonable effort or expense" and that "[a]dditional time is needed for the Company to compile and analyze certain information and documentation and complete preparation of its financial statements."
On this news, Super Micro's share price fell $1.35, or 4.96%, to close at $25.85 on August 30, 2017.
Then, on October 26, 2017, post-market, Super Micro reaffirmed its delay in filing the 10-K, stating that "[i]n connection with the in-process audit of the Company's financial results for the year ended June 30, 2017, a sales transaction was subject to additional inquiry and review". Super Micro advised investors that the transaction at issue "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, Super Micro's share price fell $1.23, or 5.65%, to close at $20.48 on October 27, 2017.
On January 30, 2018, post-market, Super Micro announced that the Company's "Audit Committee has completed the previously disclosed investigation," and that "[a]dditional time is required to analyze the impact, if any, of the results of the investigation on the Company's historical financial statements, as well as to conduct additional reviews before the Company will be able to finalize its Annual Report on Form 10-K for the fiscal year ended June 30, 2017." Super Micro also announced the resignations of three executives: Wally Liaw, Senior Vice President of International Sales; Phidias Chou, Senior Vice President of Worldwide Sales; and Howard Hideshima, Senior Vice President and Chief Financial Officer ("CFO").
Following this news, Super Micro's share price fell $1.83, or 7.4%, to close at $22.83 on January 31, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP