Glancy Prongay & Murray LLP reminds investors of impending

LOS ANGELES, Sept. 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 Lawsuit on Behalf of Investors Who Purchased or Otherwise Acquired Securities of Super Micro Computer, Inc. (“Super Micro” or the “Company”) (NASDAQ: SMCI) Between February 22021 until August 282024inclusive (the “Lesson”).

If you suffered a loss on your Super Micro investments or would like to learn about the possibility of recovering your loss 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 via 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 found “glaring accounting red flags, evidence of undisclosed related party transactions, sanctions and export control violations, and customer issues,” including “improper revenue recognition,” “recording of incomplete sales,” and “circumvention of internal accounting controls.” In addition, the report states that the younger brother of Super Micro's CEO operates two Taiwan-based companies that “appear to be undisclosed suppliers to Super Micro.”

On this news, Super Micro's share price fell $119.02, or 21.2%, over two consecutive trading days to close at $443.49 per share on August 28, 2024, 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 overstated revenues and understated expenses; (2) it had rehired several executives who had left the Company in the wake of the earlier accounting scandal; (3) the Company has a closer relationship with its affiliates than it disclosed; (4) the Company has more affiliates than it disclosed; (5) the Company failed to stop exporting products to territories blocked by the U.S. government as a result of the Russia-Ukraine War, thereby risking 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.

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If you purchased or otherwise acquired Super Micro securities during the Class Period, you may move the Court no later than October 29, 2024 to request appointment as lead plaintiff in this putative class action lawsuit. To become a class member, 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 class member. If you would like to learn more about this class action lawsuit, or have any questions about 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. When inquiring by email, please include your mailing address, telephone number, and number of shares purchased.

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

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