SAN FRANCISCO--(BUSINESS WIRE)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been filed on behalf of investors who purchased or otherwise acquired the securities of Super Micro Computer, Inc. (“Super Micro” or the “Company”) (Nasdaq: SMCI) between August 5, 2016 and January 30, 2018, inclusive (the “Class Period”).
If you purchased or otherwise acquired Super Micro securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than April 9, 2018. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the actions.
Super Micro investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Super Micro Securities Class Litigation
Super Micro is a San Jose, California-based Company that designs, develops, manufactures, and sells server solutions.
The action alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Super Micro’s financial statements contained erroneous accounting, including errors regarding at least one of the Company’s sales transactions; (2) accordingly, Super Micro’s internal controls were not effective; and (3) the Company would not be able to timely review and evaluate the impact of these issues on their past financial statements.
On August 29, 2017, after the market closed, Super Micro reported that the Company was “not in a position” to timely file its Form 10-K for the fiscal year ended June 30, 2017, and that it would need additional time “to compile and analyze certain information and documentation and complete preparation of its financial statements.” On this news, the price of Super Micro shares declined $1.35, or 4.96% from a previous close of $27.20 per share on August 29, 2017, to close at $25.85 on August 30, 2017, on highly elevated trading volume.
On October 26, 2017, after market close, Super Micro announced a continued delay in filing the 10-K, stating that a particular sales transaction “was subject to additional inquiry and review.” The Company stated that the transaction “was originally recorded as revenue during the quarter ended December 31, 2016. However, prior to review by the Company’s independent auditors and prior to the Company’s public announcement of its results for the quarter, the recognition of revenue was reversed and the revenue was subsequently recognized in the quarter ended March 31, 2017.” On this news, the price of Super Micro shares fell $1.23, or 5.65% from a closing price of $21.70 per share on October 26, 2017, to close at $20.48 on October 27, 2017, on extremely heavy trading volume.
On January 30, 2018, after market close, Super Micro announced that its Audit Committee had completed its investigation, but that more time was needed “to analyze the impact, if any, of the results of the investigation on the Company’s historical financial statements” and so the Company would still not yet be able to file its Form 10-K for the fiscal year ended June 30, 2017. The same day, Super Micro announced the resignations of Howard Hideshima, Senior Vice President and Chief Financial Officer, Phidias Chou, Senior Vice President of Worldwide Sales, and Wally Liaw, Senior Vice President of International Sales. On this news, the price of Super Micro shares dropped $1.82, or 7.38% from a previous closing price of $24.65 on January 30, 2018, to close at $22.83 on January 31, 2018, on elevated trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Seattle, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In late 2016, Benchmark Litigation named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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