BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of Super Micro Computer, Inc. (“Super Micro” or the “Company”) (NASDAQ: SMCI) investors concerning the Company’s possible violations of federal securities laws.
On August 27, 2024, Hindenburg Research published a report alleging, among other things, that an investigation into Super Micro “found glaring accounting red flags, evidence of undisclosed related party transactions, sanctions and export control failures, and customer issues,” including “improper revenue recognition,” “recognizing incomplete sales,” and “circumvention of internal accounting controls.” Additionally, the report states that Super Micro’s CEO’s younger brother operates two Taiwan-based companies which “appear to be undisclosed suppliers of Super Micro.”
On this news, Super Micro’s stock price fell $14.87, or 2.6%, to close at $547.64 per share on August 27, 2024, thereby injuring investors.
Then, on August 28, 2024, Super Micro announced that “it expects that it will not timely file its Annual Report on Form 10-K for the fiscal year ended June 30, 2024” because “[a]dditional time is needed for SMCI’s management to complete its assessment of the design and operating effectiveness of its internal controls over financial reporting as of June 30, 2024.”
On this news, Super Micro’s share price fell approximately 27% during intraday trading on August 28, 2024.
If you purchased Super Micro securities, have information or would like to learn more about these claims, or 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 or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.