Super Micro investors may receive additional information about the case by clicking the link "Submit Your Information" above.
According to the complaint, Super Micro develops and provides high performance server solutions based upon an innovative, modular and open-standard architecture. The Company claims to be a global leader in server technology and green computing innovation.
The Class Period commences on August 5, 2016. On August 4, 2016, after the market closed, Super Micro issued a press release announcing its 4Q 2016 results.
The Complaint alleges that, throughout the class period, defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Super Micro was improperly and illicitly recognizing revenue on certain sales transactions; (2) the Company failed to implement and maintain proper internal controls over its financial reporting (3); Super Micro's revenues and income were artificially inflated as a result of its illicit business practices; (4) these practices caused the Company to be vulnerable to potential civil and criminal liability, and adverse regulatory action; and (5) as a result of the foregoing, Defendants' statements about Super Micro's business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.
On August 29, 2017, investors first learned of potential accounting and financial reporting issues at Super Micro when the Company filed a Notice of Late Filing with the SEC, stating: “Super Micro Computer, Inc. (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.” Following this news, Super Micro’s share price declined $1.35 per share, or 5%, from a close of $27.20 per share on August 29, 2017.
On January 30, 2018, after the close of trading, Super Micro again disappointed investors by announcing that the Audit Committee had completed the previously disclosed investigation, but that additional time was still required to analyze the impact on its historical financial statements. Super Micro also disclosed that Defendant Hideshima, Super Micro’s Senior VP of International Sales, and Senior VP of Worldwide Sales, had “resigned,” effective immediately. Following this news, Super Micro fell approximately 7.5% on heavy volume, from $24.65 to $22.83 per share.
If you are a member of the class described above, you may no later than April 9, 2018 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed 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. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@ktmc.com. For more information about Kessler Topaz Meltzer & Check, LLP, please visit our website at http://www.ktmc.com. If you would like additional information about the suit, please fill out the attached form as promptly as possible and return it by fax to 610-667-7056, or by mail in the enclosed envelope.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706 or by e-mail at info@ktmc.com