SAN DIEGO, Aug. 28, 2024 (GLOBE NEWSWIRE) -- DiCello Levitt LLP announces that it is investigating whether Super Micro Computer, Inc. (“Super Micro” or the “Company”) (NASDAQ: SMCI) complied with federal securities laws. The Firm’s investigation focuses on whether the Company violated the federal securities laws, issued false and/or misleading statements, and/or failed to disclose information required to be disclosed to investors.
Investors who purchased Super Micro securities and those with information about the allegations are encouraged to obtain additional information and assist the Firm’s investigation by contacting DiCello Levitt attorneys Brian O’Mara or Hani Farah by calling (888) 287-9005 or emailing investors@dicellolevitt.com.
No Case Has Been Filed and No Class Has Been Certified. Until a case is filed and a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice.
Investigation Details:
Super Micro is a $35 billion, high-powered server and storage solutions manufacturer that sells its hardware to technology companies for use as servers for websites, data storage, and artificial intelligence applications. Servers and storage systems accounted for 92% of Super Micro’s net sales in 2023, with 61% of its latest quarterly revenue coming from sales in the United States.
On August 27, 2024, Hindenburg Research published a critical research report titled “Super Micro: Fresh Evidence of Accounting Manipulation, Sibling Self-Dealing and Sanctions Evasion at This AI High Flyer,” alleging, among other things, that it “found glaring accounting red flags, evidence of undisclosed related party transactions, sanctions and export control failures, and customer issues.” According to the report, Hindenburg Research claims that the alleged fraud and “improper revenue recognition,” “sanctions evasion,” and “competition and quality concerns” is confirmed as a result of a three-month investigation, through interviews with former senior employees and industry experts, review of litigation records, and international corporate and customs records.
In response to the Hindenburg Research report, shares of Super Micro plunged to their lowest in almost six years to trade as low as $395.18 per share on August 28, 2024, falling more than 29% (or more than $167) from its close on August 26, 2024, erasing more than $9.7 billion in market value.
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