Case Page

 

Case Status:    ONGOING    
On or around 09/29/2017 (Court's order of dismissal)

Filing Date: September 04, 2015

According to the law firm press release, 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.

Plaintiffs filed a consolidated complaint on April 1, 2016.

COMPANY INFORMATION:

Sector: Technology
Industry: Communications Equipment
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SMCI
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. California
DOCKET #: 15-CV-04049
JUDGE: Hon. Edward J. Davila
DATE FILED: 09/04/2015
CLASS PERIOD START: 09/15/2014
CLASS PERIOD END: 08/31/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: N.D. California
DOCKET #: 15-CV-04049
JUDGE: Hon. Edward J. Davila
DATE FILED: 04/01/2016
CLASS PERIOD START: 09/15/2014
CLASS PERIOD END: 11/10/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Prongay & Murray LLP
    1925 Century Park East, Suite 2100 , Glancy Prongay & Murray LLP, CA 90067
    (310) 201-9150 (310) 432-1495 ·
No Document Title Filing Date