NEW YORK, Sept. 04, 2015 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Super Micro Computer, Inc. (“Super Micro Computer” or the “Company”) (NYSE:SMCI) and certain of its officers. The class action, filed in United States District Court, Northern District of California, and docketed under 15-cv-04049, is on behalf of a class consisting of all persons or entities who purchased Super Micro Computer securities between September 15, 2014 and August 31, 2015 inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased Super Micro Computer securities during the Class Period, you have until November 3, 2015 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at email@example.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Super Micro Computer 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. It also provides a range of application optimized server solutions, including rackmount and blade server systems; and server subsystems and accessories comprising server boards, and chassis and power supplies, as well as other system accessories, including microprocessors, and memory and disc drives. 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, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or 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) as a result of the above, the Company’s financial statements were materially false and misleading at all relevant times.
On August 31, 2015, post-market, Super Micro Computer announced that the Company “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. [Super Micro Computer] 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, shares of Super Micro Computer declined $2.58 per share, or 9.43%, to close at $24.77 on September 1, 2015.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT: CONTACT: Robert S. Willoughby Pomerantz LLP firstname.lastname@example.org