PROVIDENCE, R.I. , May 21, 2021 /PRNewswire/ -- The following statement is being issued by the Fund Administrator, KCC Class Action Services:
In the Matters of
Super Micro Computer, Inc.
and
Howard Hideshima
SECURITIES AND EXCHANGE COMISSION
ADMINISTRATIVE PROCEEDING
File Nos. 3-19927 and 3-19928
SUPER MICRO COMPUTER, INC. FAIR FUND
DISTRIBUTION PLAN NOTICE
If you purchased or acquired Super Micro Computer Inc. ("SMC") common stock, listed on the Over-the-Counter Market and the Nasdaq Stock Market, LLC and traded under the trading symbol SMCI during the period October 22, 2014 through January 30, 2018 , inclusive, you may be eligible for a distribution from the Fair Fund created in the captioned proceedings (the "Fair Fund").
What is this All About?
On August 25, 2020 , the Securities and Exchange Commission ("SEC") filed the captioned administrative proceedings against Super Micro Computer, Inc. and Howard Hideshima (the "Respondents"). 1 In the Orders, entered upon the Respondents' consents, the SEC determined that SMC, a producer of computer servers headquartered in California , engaged in improper accounting—prematurely recognizing revenue and understating expenses from at least fiscal year ("FY") 2015 through FY 2017. As a result, SMC filed with the SEC materially misstated financial statements in its annual, quarterly and current reports during the period. The SEC further determined, among other things, that Howard Hideshima , the former Chief Financial Officer of SMC, signed and/or approved annual, quarterly and current reports with the SEC that contained materially misstated financial statements. As a result of the conduct described in the Orders, the Commission ordered SMC to pay a civil money penalty of $17,500,000.00 , and Hideshima to pay disgorgement of $260,844.00 , prejudgment interest of $40,212.00 , and a civil money penalty of $50,000.00 to the SEC. The SEC further established the Fair Fund pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, so the collected civil penalties could be distributed to investors harmed by the conduct described in the Orders. The Fair Fund is comprised of $17,851,056.00 paid by SMC and Hideshima and is held in an interest-bearing account at the United States Department of the Treasury's Bureau of the Fiscal Service.
If you purchased or acquired Super Micro Computer Inc. common stock, listed on the Over-the-Counter Market and the Nasdaq Stock Market, LLC and traded under the trading symbol SMCI (the "Security") during the period October 22, 2014 through January 30, 2018 , inclusive (the "Relevant Period"), and you are not an Excluded Party (as defined in the Distribution Plan available on the Fair Fund website, www.SMCFairFund.com ), you should submit a claim because you may be eligible for a distribution from the Fair Fund.
If you would like to be considered for a distribution from the Fair Fund, you must either submit a Proof of Claim online pursuant to the directions on the Fair Fund website, www.SMCFairFund.com , or download a Proof of Claim Form at www.SMCFairFund.com and submit a completed and signed Proof of Claim Form by mail. The deadline for submitting a completed Proof of Claim is September 18, 2021 .
You may obtain further information at the Fair Fund website at www.SMCFairFund.com . You may obtain claim forms and seek additional information from the Fund Administrator at:
Phone: (800) 581-8660
Email: info@SMCFairFund.com
Physical Address:
Super Micro Computer, Inc. Fair Fund
c/o KCC Class Action Services
Fund Administrator
P.O. Box 43034
Providence, RI 02940-3034
1 Securities Act Rel. No. 10822 ( Aug. 25, 2020 ); Exchange Act Rel. No. 89657 ( Aug. 25, 2020 ).
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SOURCE KCC Class Action Services