Glancy Prongay & Murray LLP reminds investors of impending

LOS ANGELES, September 25, 2024 (GLOBE NEWSWIRE) —

Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming October 29, 2024 deadline for filing a lead plaintiff motion in the class action brought on behalf of investors who purchased or otherwise acquired securities of Super Micro Computer, Inc. (“Super Micro” or the “Company”) (NASDAQ: SMCI) between February 2nd2021 until August 282024inclusive (the “Class Period”).

If you have suffered a loss on your Super Micro investments or would like to inquire about potential claims to recover your losses under the federal securities laws, you may submit your contact information at www.glancylaw.com/cases/Super-Micro-Computer-Inc/. You may also contact Charles H. Linehan of GPM at 310-201-9150, toll-free at 888-773-9224, or by email at [email protected] to learn more about your rights.

On August 27, 2024, Hindenburg Research published a report claiming, among other things, that an investigation into Super Micro revealed “clear accounting red flags, evidence of undisclosed related party transactions, sanctions and export control failures, and customer issues,” including “improper revenue recognition,” “recognizing understatements of sales,” and “circumvention of internal accounting controls.” Additionally, the report alleges that the younger brother of Super Micro’s CEO runs two Taiwan-based companies that “appear to be undisclosed suppliers to Super Micro.”

The news caused Super Micro’s stock price to fall by $119.02, or 21.2%, for two consecutive trading days. On August 28, 2024, the company closed at $443.49 per share, hurting investors.

The complaint filed in this class action alleges that throughout the Class Period, defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants failed to disclose to investors that: (1) the Company consistently overreported sales and underreported expenses; (2) it rehired multiple executives who left in the wake of the Company’s prior accounting scandal; (3) the Company had a closer relationship with its related parties than it disclosed; (4) the Company had more related parties than it disclosed; (5) the Company failed to stop exporting products to areas restricted by the U.S. government as a result of the Russia-Ukraine war, thereby exposing it to government sanctions; and (6) as a result, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

If you purchased or otherwise acquired Super Micro securities during the Class Period, you may October 29, 2024 to request appointment as lead plaintiff in this putative class action lawsuit. To become a member of the class action, you do not need to take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you would like to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, toll-free at 888-773-9224, by email at [email protected], or visit our website at www.glancylaw.com. If you inquire by email, please include your mailing address, telephone number and the number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under applicable law and ethical rules.

Contacts
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
[email protected]
www.glancylaw.nl