RADNOR, Pa., Oct. 12, 2015 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP reminds Super Micro Computer, Inc. (Nasdaq:SMCI) (“Super Micro Computer” or the “Company”) shareholders that a class action lawsuit has been filed against the Company on behalf of purchasers of the Company’s securities between September 15, 2014 and August 31, 2015, inclusive (the “Class Period”).
Super Micro Computer shareholders who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299-7706 or at info@ktmc.com. For additional information about this lawsuit, or to request information about this action online, please visit http://www.ktmc.com/new-cases/super-micro-computer-inc.
The Complaint alleges that Super Micro Computer and certain of its executive officers made a series of false and misleading statements, and failed to disclose material adverse facts, about the Company's business, operations, and prospects. Specifically, the defendants are alleged to have made false and misleading statements and/or failed to disclose that: (i) the Company improperly recorded expenses in its financial reports; (ii) as a result, the Company's reported net income was misstated; (iii) the Company lacked adequate internal financial controls; and (iv) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
On August 31, 2015, the Company disclosed that it had “determined that it is unable to file its Annual Report on Form 10-K for the fiscal year ended June 30, 2015 within the prescribed time period without unreasonable effort or expense,” and that it had “recently discovered certain irregularities regarding certain marketing expenses and additional time is required for [the Company] to complete its investigation of the matter.”
On this news, shares of Super Micro Computer’s stock declined $2.58 per share, or 9.4%, to close on September 1, 2015 at $24.77 per share, on heavy trading volume.
Shareholder Reminder: Super Micro Computer shareholders who purchased their securities during the Class Period are reminded that they may, no later than November 3, 2015, petition the Court for appointment as a lead plaintiff of the class. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(888) 299 - 7706
(610) 667 - 7706
info@ktmc.com