Bernstein Liebhard Llp Announces That A Class Action Has Been Filed Against Super Micro Computer, Inc.
September 11, 2015
Bernstein Liebhard LLP today announced that a class action has been commenced in the United States District Court for the Northern District of California on behalf of a class (the “Class”) consisting of all persons or entities who purchased the securities of Super Micro Computer, Inc. (“SMCI” or the “Company”) between September 15, 2014 and August 31, 2015 inclusive (the “Class Period”). The action alleges violations of the Securities Exchange Act of 1934.
SMCI develops and provides high performance server solutions based on modular and open-standard architecture. The Company offers a range of server, storage, blade, workstation, and full rack solutions, as well as networking devices, server management software, and technology support and services. The Company offers its products to data center, cloud computing, enterprise IT, big data, high performance computing, and embedded markets.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and failed to disclose that: (i) the Company improperly recorded expenses in its financial reports; (ii) as a result, the Company’s reported net income was misstated; (iii) the Company lacked adequate internal financial controls; and (iv) the Company’s financial statements were materially false and misleading at all relevant times.
On August 31, 2015, post-market, SMCI announced that it “has determined that it is unable to file its Annual Report on Form 10-K for the fiscal year ended June 30, 2015 within the prescribed time period without unreasonable effort or expense. [SMCI] recently discovered certain irregularities regarding certain marketing expenses and additional time is required for [the Company] to complete its investigation of the matter.” On this news, SMCI shares declined $2.58 per share, or 9.43%, to close at $24.77 on September 1, 2015.
Plaintiffs seek to recover damages on behalf of all Class members who invested in SMCI securities during the Class Period. If you invested in SMCI securities as described above, and lost money on the transactions, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than November 3, 2015.
A “lead plaintiff” is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3.5 billion for its clients. The National Law Journal has recognized Bernstein Liebhard for twelve consecutive years as one of the top plaintiffs’ firms in the country.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the Northern District of California.