San Diego, CA -- (SBWire) -- 07/27/2018 --An investigation was announced concerning potential breaches of fiduciary duties by certain directors and officers of Super Micro Computer, Inc..
Investors who are current long term investors in Super Micro Computer, Inc. (NASDAQ:SMCI) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in NASDAQ:SMCI stocks follows a lawsuit filed recently against Super Micro Computer over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ:SMCI stocks, concerns whether certain Super Micro Computer directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Northern District of California the plaintiff alleges that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between January 27, 2017, and January 30, 2018, 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 August 29, 2017, Super Micro Computer, Inc. disclosed it required additional time to file its 2017 10-K.
On September 14, 2017, Super Micro Computer, Inc. disclosed it had received a Non-Compliance letter from Nasdaq.
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")".
Those who purchased shares of Super Micro Computer, Inc. (NASDAQ:SMCI) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
NASDAQ:SMCI Long Term Shareholder Notice: Investigation of Potential Wrongdoing at Super Micro Computer, Inc.
An investigation on behalf of current long term investors in Super Micro Computer, Inc. (NASDAQ:SMCI) shares over possible breaches of fiduciary duty by certain officers and directors was announced.