Lawsuit Overview
October 14, 2020 - A fourth amended consolidated complaint was filed.
April 22, 2020 - A third amended consolidated complaint was filed.
March 23, 2020 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.
July 26, 2019 - A motion to dismiss the amended consolidated complaint was filed.
June 21, 2019 - A second amended consolidated complaint was filed.
January 22, 2019 - An amended consolidated complaint was filed.
September 24, 2018 - A consolidated complaint was filed.
February 8, 2018 - An investor in shares of Super Micro Computer, Inc. (NASDAQ:SMCI) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Super Micro Computer, Inc. in connection with certain allegedly false and misleading statements made between January 27, 2017, and January 30, 2018.
According to the complaint the plaintiff alleges on behalf of purchasers of Super Micro Computer, Inc. (NASDAQ:SMCI) common shares between January 27, 2017, and January 30, 2018, 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 ) .
Shares of Super Micro Computer, Inc. (NASDAQ:SMCI) declined to as low as $19.30 per share on February 5, 2018.