SUPER MICRO COMPUTER (SMCI) INVESTOR ALERT: Berger Montague Advises Investors to Inquire About Securities Fraud Class Action

Philadelphia, Pennsylvania–(Newsfile Corp. – September 20, 2024) – Nationally recognized law firm Berger Montague PC informs investors that a lawsuit has been filed against Super Micro Computer, Inc. (“Super Micro” or the “Company”) (NASDAQ: SMCI) on behalf of purchasers of Super Micro Securities between February 2, 2021 and August 28, 2024, inclusive (the “Class Period”).

Investors who suffered losses due to Super Micro (NASDAQ: SMCI) investments can learn more about the lawsuit by following the link below:

CLICK HERE to learn more about the lawsuit.

Investors who bought or acquired Super Micro securities during the Class Period can be filed no later than OCTOBER 29, 2024, requests to be appointed as a representative of the class as lead plaintiff.

According to the complaint, throughout the Class Period, Super Micro and its senior executives reported strong demand, increasing sales growth, and increased product shipments. The company also represented that it complied with U.S. and other applicable trade control regulations, including that it had no sales in the Russian Federation and no sales to the Russian Federal Security Service (“FSB”) in 2023 and 2024.

On August 27, 2024, the truth began to emerge when Hindenburg Research published a research report titled Super Micro: New Evidence of Accounting Manipulation, Sibling Enrichment, and Sanctions Evasion at This AI High-FlyerIn its report, Hindenburg claimed to have uncovered “clear accounting red flags, evidence of undisclosed related party transactions, sanctions and export control failures, and customer problems.” As detailed in the report and confirmed by a recent whistleblower lawsuit, these accounting manipulations included improper revenue recognition, under-recognition of sales, channel stuffing, and circumvention of internal accounting controls. Hindenburg also reported that Super Micro had evaded U.S. export controls and shipped approximately $210 million worth of products to Russia between February 2022 and June 2024.

As a result of these disclosures, the price of Super Micro common stock fell $14.87 per share, or 2.64%, to close at $547.64 per share on August 27, 2024.

Subsequently, on August 28, 2024, Super Micro announced that it would not file its annual report on Form 10-K on time because it was assessing the “design and operating effectiveness of its internal controls over financial reporting.” As a result of these disclosures, the price of Super Micro’s common stock fell $104.15 per share, or 19.02%, to a closing price of $443.49 per share on August 28, 2024.

For additional information or to learn how to participate in this lawsuit, please contact Berger Montague: Andrew Abramowitz at [email protected] or (215) 875-3015, or Peter Hamner at [email protected] or (215) 875-3048, or CLICK HERE.

A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is typically the investor or small group of investors with the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects an attorney to represent the lead plaintiff and the class, and such attorneys will, if approved by the court, serve as lead or class counsel. However, your ability to share in any recovery is not affected by the decision whether or not you serve as lead plaintiff. Communication with an attorney is not necessary to participate in or share in any recovery obtained in this case. Any member of the putative class may petition the court to serve as lead plaintiff through an attorney of his or her choosing, or may elect to do nothing and remain an inactive class member.

Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, DC, San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented retail and institutional investors for more than five decades and is a lead attorney in courts across the United States.