Cases
Super Micro Computer, Inc. (NASDAQ: SMCI)
Securities Class Action
Overview
Overview
- Date:
- 4/2/2018
- Company Name:
- Super Micro Computer, Inc.
- Stock Symbol:
- SMCI
- Class Period:
- FROM 11/8/2016 TO 6/9/2017
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Southern District of New York
NEW YORK, April 2, 2018 – Bragar Eagel & Squire, P.C. announces to investors that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired Mazor Robotics, Inc. (OTC: MZOR) securities between August 5, 2016 and January 30, 2018 (the “Class Period”). Investors have until April 9, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Super Micro Computer, Inc. designs, develops, manufactures and sells server solutions based on modular and open-standard architecture. The Company's products include servers, motherboards, chassis, and accessories.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Super Micro’s financial statements contained accounting errors, including errors with respect to one of the Company’s sales transactions; (ii) as such, the Company’s internal controls were not effective; (iii) Super Micro lacked the capability to timely review and assess the impact of the foregoing issues; and (iv) as a result, Super Micro’s public statements were materially false and misleading at all relevant times.
On August 29, 2017, post-market, Super Micro filed a Notice of Late Filing with the SEC, reporting that the Company “is not in a position to file its Form 10-K for fiscal year ended June 30, 2017 (the “Form 10-K”), in a timely manner because the Registrant cannot complete the Form 10-K in a timely manner without unreasonable effort or expense” and that “[a]dditional time is needed for the Company to compile and analyze certain information and documentation and complete preparation of its financial statements.”
On this news, Super Micro’s share price fell $1.35, or 4.96%, to close at $25.85 on August 30, 2017.
Then, on October 26, 2017, post-market, Super Micro reaffirmed its delay in filing the 10-K, stating that “[i]n connection with the in-process audit of the Company's financial results for the year ended June 30, 2017, a sales transaction was subject to additional inquiry and review”. Super Micro advised investors that the transaction at issue “was originally recorded as revenue during the quarter ended December 31, 2016. However, prior to review by the Company’s independent auditors and prior to the Company’s public announcement of its results for the quarter, the recognition of revenue was reversed and the revenue was subsequently recognized in the quarter ended March 31, 2017.”
On this news, Super Micro’s share price fell $1.23, or 5.65%, to close at $20.48 on October 27, 2017.
On January 30, 2018, post-market, Super Micro announced that the Company’s “Audit Committee has completed the previously disclosed investigation,” and that “[a]dditional time is required to analyze the impact, if any, of the results of the investigation on the Company's historical financial statements, as well as to conduct additional reviews before the Company will be able to finalize its Annual Report on Form 10-K for the fiscal year ended June 30, 2017.” Super Micro also announced the resignations of three executives: Wally Liaw, Senior Vice President of International Sales; Phidias Chou, Senior Vice President of Worldwide Sales; and Howard Hideshima, Senior Vice President and Chief Financial Officer (“CFO”).
Following this news, Super Micro’s share price fell $1.83, or 7.4%, to close at $22.83 on January 31, 2018.
If you purchased or otherwise acquired Super Micro securities during the Class Period or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
Super Micro Computer, Inc. designs, develops, manufactures and sells server solutions based on modular and open-standard architecture. The Company's products include servers, motherboards, chassis, and accessories.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Super Micro’s financial statements contained accounting errors, including errors with respect to one of the Company’s sales transactions; (ii) as such, the Company’s internal controls were not effective; (iii) Super Micro lacked the capability to timely review and assess the impact of the foregoing issues; and (iv) as a result, Super Micro’s public statements were materially false and misleading at all relevant times.
On August 29, 2017, post-market, Super Micro filed a Notice of Late Filing with the SEC, reporting that the Company “is not in a position to file its Form 10-K for fiscal year ended June 30, 2017 (the “Form 10-K”), in a timely manner because the Registrant cannot complete the Form 10-K in a timely manner without unreasonable effort or expense” and that “[a]dditional time is needed for the Company to compile and analyze certain information and documentation and complete preparation of its financial statements.”
On this news, Super Micro’s share price fell $1.35, or 4.96%, to close at $25.85 on August 30, 2017.
Then, on October 26, 2017, post-market, Super Micro reaffirmed its delay in filing the 10-K, stating that “[i]n connection with the in-process audit of the Company's financial results for the year ended June 30, 2017, a sales transaction was subject to additional inquiry and review”. Super Micro advised investors that the transaction at issue “was originally recorded as revenue during the quarter ended December 31, 2016. However, prior to review by the Company’s independent auditors and prior to the Company’s public announcement of its results for the quarter, the recognition of revenue was reversed and the revenue was subsequently recognized in the quarter ended March 31, 2017.”
On this news, Super Micro’s share price fell $1.23, or 5.65%, to close at $20.48 on October 27, 2017.
On January 30, 2018, post-market, Super Micro announced that the Company’s “Audit Committee has completed the previously disclosed investigation,” and that “[a]dditional time is required to analyze the impact, if any, of the results of the investigation on the Company's historical financial statements, as well as to conduct additional reviews before the Company will be able to finalize its Annual Report on Form 10-K for the fiscal year ended June 30, 2017.” Super Micro also announced the resignations of three executives: Wally Liaw, Senior Vice President of International Sales; Phidias Chou, Senior Vice President of Worldwide Sales; and Howard Hideshima, Senior Vice President and Chief Financial Officer (“CFO”).
Following this news, Super Micro’s share price fell $1.83, or 7.4%, to close at $22.83 on January 31, 2018.
If you purchased or otherwise acquired Super Micro securities during the Class Period or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.