An investigation on behalf of investors in Super Micro Computer, Inc. (NASDAQ:SMCI) shares over potential wrongdoing at Super Micro Computer, Inc. was announced.
San Diego, CA -- (SBWIRE) -- 11/02/2020 -- Certain directors of Super Micro Computer, Inc. are under investigation over potential breaches of fiduciary duties.
Investors who purchased shares of Super Micro Computer, Inc. (NASDAQ: SMCI) and currently hold any of those Super Micro Computer, Inc. (NASDAQ: SMCI shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Super Micro Computer directors breached their fiduciary duties and caused damage to the company and its shareholders.
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")".
On February 8, 2018, a lawsuit was filed against Super Micro Computer, Inc. (NASDAQ: SMCI) over alleged violations of Federal Securities Laws. More specifically, the plaintiff claimed 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 September 24, 2018, a consolidated Complaint was filed and on January 22, 2019, an amended consolidated Complaint was filed.
On June 21, 2019, a second amended consolidated Complaint was filed and the defendants filed a Motion to Dismiss the amended consolidated Complaint on July 26, 2019.
On March 23, 2020, the Court issued an Order granting Defendants' Motion to Dismiss. The court also gave leave to amend the Complaint.
On April 22, 2020, a third, and on October 14, 2020, a fourth amended consolidated Complaint was filed.
Those who purchased shares of Super Micro Computer, Inc. (NASDAQ: SMCI) have certain options and should contact the Shareholders Foundation.
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