STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of Super Micro Computer, Inc. (Nasdaq: SMCI) (“Super Micro” or the “Company”) securities during the period between August 5, 2016 and January 30, 2018, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until April 9, 2018 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Super Micro securities during the Class Period. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that Super Micro’s financial statements contained accounting errors, including errors with respect to one of the Company’s sales transactions, the Company’s internal controls were not effective, and Super Micro lacked the capability to timely review and assess the impact of the foregoing issues.
According to the complaint, following an August 29, 2017 Notice of Late Filing with the U.S. Securities and Exchange Commission reporting that the Company is not in a position to file its Form 10-K in a timely manner because additional time was needed for the Company to compile and analyze certain information and documentation and complete preparation of its financial statements, an October 26, 2017 re-affirmance of its delay in filing the 10-K, and a January 30, 2018 announcement that the Company’s Audit Committee has completed the previously disclosed investigation and that additional time was required to analyze the impact, if any, of the results of the investigation on the Company’s historical financial statements, as well as to conduct additional reviews before the Company will be able to finalize Form 10-K, the value of Super Micro shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Super Micro securities purchased on or after August 5, 2016 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please contact Brower Piven either by email at firstname.lastname@example.org or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.