Update: Lawsuit for Investors in Super Micro Computer, Inc. (NASDAQ: SMCI) Shares Announced by Shareholders Foundation

SAN DIEGO, CA, October 9, 2018 (Newswire.com) - The Shareholders Foundation, Inc. announces that a lawsuit is pending for certain investors in shares Super Micro Computer, Inc. (NASDAQ: SMCI).

Investors, who purchased shares of Super Micro Computer, Inc. (NASDAQ: SMCI), have certain options and should contact the Shareholders Foundation at [email protected] or call +1 (858) 779 - 1554.

On October 26, 2017, Super Micro Computer, Inc. reaffirmed its delay in filing the 10-K, stating that "In 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."

Then on January 30, 2018, Super Micro Computer, Inc. stated that "the Audit Committee has completed the previously disclosed investigation. Additional 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 (the "Form 10-K")."

On February 8, 2018, a lawsuit was filed against Super Micro Computer, Inc. over alleged securities laws violations. The plaintiff alleged that the defendants made false and/or misleading statements and/or failed to disclose that Super Micro’s financial statements contained accounting errors, including errors with respect to one of the Company’s sales transactions, that as such, the Company’s internal controls were not effective, that Super Micro lacked the capability to timely review and assess the impact of the foregoing issues, and that as a result, Super Micro’s public statements were materially false and misleading at all relevant times.

On September 24, 2018, an amended complaint was filed.

On October 4, 2018, it was reported that Super Micro Computer, Inc, is central to a spying scandal involving China. According to the article, "The chips had been inserted during the manufacturing process, [officials say], by operatives from a unit of the People's Liberation Army. In Super Micro Computer, Inc, China's spies appear to have found a perfect conduit for what U.S. officials now describe as the most significant supply chain attack known to have been carried out against American companies."

Those who purchased Super Micro Computer, Inc. (NASDAQ: SMCI) shares should contact the Shareholders Foundation, Inc.

CONTACT:

Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
[email protected]
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108

ABOUT:

The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. Any referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

SOURCE: The Shareholders Foundation, Inc.

Source: Shareholders Foundation, Inc.