SAN DIEGO & SAN JOSE, Calif.--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Super Micro Computer, Inc. (NasdaqGS: SMCI) have filed a class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between January 27, 2017 and January 30, 2018. Super Micro, together with its subsidiaries, develops and provides high performance server solutions based on modular and open architecture.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/super-micro-computer-inc
Super Micro Accused of Issuing Inaccurate Financial Statements
According to the complaint, Super Micro repeatedly published promising financial results in its public filings while attesting to their accuracy. Hints of Super Micro's financial troubles began to surface on August 29, 2017, when the company reported that it was unable to file its Form 10-K for the fiscal year ended June 30, 2017 on time. Then, on October 26, 2017, Super Micro reaffirmed its delay in filing the 10-K because it was investigating a sales transaction that had been recorded as revenue in the wrong quarter. On January 30, 2018, Super Micro announced that it needed more time to analyze the results of the investigation to finalize its Form 10-K and that its Senior Vice President of International Sales, Senior Vice President of Worldwide Sales, and Senior Vice President and Chief Financial Officer were resigning. Since news of Super Micro's problems became widely known, the company's stock has declined over 30%, closing at $18.80 per share on February 12, 2018.
Super Micro Shareholders Have Legal Options
If you would like more information about your rights and potential remedies, contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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