Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $250,000 In Super Micro Computer To Contact Him Directly To Discuss Their Options
If you suffered losses exceeding $250,000 in Super Micro Computer between February 2 2021 and September 25, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
[You may also click here for additional information]
New York, New York--(Newsfile Corp. - October 28, 2024) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Super Micro Computer, Inc. ("Super Micro Computer" or the "Company") (NASDAQ: SMCI) and reminds investors of the October 29, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose material adverse facts concerning the true state of SMCI's accounting; notably, that it was subject to consistent overreporting of sales and underreporting of expenses, that it had re-hired multiple executives who departed in the wake of the Company's prior accounting scandal, that the Company has a closer relationship to its related parties than disclosed, that SMCI had more related parties than it had disclosed, and that the Company had not ceased exporting products to areas restricted by the United States government as a result of the Russia-Ukraine war, risking government sanction.
On August 27, 2024, Hindenburg Research unveiled a short report on SMCI. The short report detailed several allegations against the Company, including that Hindenburg "found glaring accounting red flags, evidence of undisclosed related party transactions, sanctions and control failures, and customer issues."
Investors and analysts reacted immediately to these revelations. The price of SMCI's common stock declined dramatically. From a closing market price of $562.51 per share on August 26, 2024, SMCI's stock price fell to $443.49 per share on August 28, 2024, a decline of about 21.16% in the span of only two days.
Finally, 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 news of the DOJ investigation, Super Micro stock dropped 12.17%, to close at $402.40 per share on September 26, 2024.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative 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. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Super Micro Computer's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Follow us for updates on LinkedIn, on X, or on Facebook.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228042
