Investor Claims Investigation
Faruqi & Faruqi, LLP, a prominent national securities law firm, is currently investigating potential claims on behalf of investors in Super Micro Computer, Inc. (NASDAQ: SMCI). If you experienced losses exceeding $100,000 in Super Micro Computer between February 2, 2021, and August 28, 2024, we encourage you to reach out to partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
Legal Rights and Deadlines
Investors should note that the deadline to seek the role of lead plaintiff in a federal securities class action against SMCI is October 29, 2024. As a leading firm in securities law, Faruqi & Faruqi has successfully recovered hundreds of millions of dollars for investors since its establishment in 1995.
Allegations Against SMCI
The complaint alleges that Super Micro Computer and its executives violated federal securities laws by making false and misleading statements and failing to disclose critical adverse facts regarding the company’s financial reporting. Specific allegations include:
- Consistent overreporting of sales and underreporting of expenses.
- Rehiring executives who were previously involved in an accounting scandal.
- Undisclosed relationships with related parties.
- Failure to cease exports to restricted areas amid the Russia-Ukraine war, risking government sanctions.
Impact of Recent Reports
On August 27, 2024, Hindenburg Research released a report highlighting significant accounting issues and other concerns regarding SMCI. Following these revelations, the company’s stock price plummeted from $562.51 per share on August 26, 2024, to $443.49 per share on August 28, 2024, representing a staggering decline of approximately 21.16% in just two days.
Role of the Lead Plaintiff
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class. They will direct and oversee the litigation on behalf of all affected investors. Class members have the option to serve as lead plaintiff or remain absent, with their ability to receive any recovery unaffected by their decision.
Contact Information
Faruqi & Faruqi, LLP invites anyone with information regarding Super Micro Computer’s practices to contact the firm, especially whistleblowers, former employees, and shareholders.