BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors of Super Micro Computer, Inc. ("Super Micro" or the "Company") (NASDAQ:SMCI) between September 15, 2014 and August 31, 2015, inclusive (the "Class Period"). Investors who suffered losses on their investment in SuperMicro securities are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights.
On August 31, 2015, Super Micro disclosed that the Company, “has 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. [Super Micro] recently discovered certain irregularities regarding certain marketing expenses and additional time is required for [Super Micro] to complete its investigation of the matter.” On this news, Super Micro shares fell $2.58 per share or 9%, to close on September 1, 2015 at $24.77.
The complaint alleges that throughout the Class Period, defendants improperly recorded expenses in its financial reports; misstated net income, lacked adequate internal controls, and as a result of the above, the Company’s financial statements were materially false and misleading at all relevant times.
If you purchased shares of SuperMicro during the Class Period you may move the Court no later than November 3, 2015 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.
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