Investor Alert: Kaplan Fox Announces Investigation Of Super Micro Computer, Inc.

NEW YORK, Feb. 23, 2018 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Super Micro Computer, Inc. ("Super Micro" or the "Company") (NASDAQ: SMCI).  Investors who purchased Super Micro securities between August 5, 2016 and January 30, 2018, inclusive (the "Class Period"), may be affected.

A class action complaint alleging violations of the Securities Exchange Act of 1934 has been filed in the United States District Court for the Northern District of California against Super Micro and certain executives, including the Company's former Chief Financial Officer who resigned at the end of the Class Period.

Super Micro develops and provides high performance server solutions based on modular and open-standard architecture.  The Company's products include servers, motherboards, chassis, and accessories.

Investors first learned of potential accounting and financial reporting issues at Super Micro on August 29, 2017, when, after the market closed, the Company filed a Notice of Late Filing with the SEC disclosing that it was not in a position to file its Annual Report on Form 10-K for the fiscal year ended June 30, 2017 in a timely manner. 

Following this news, shares of Super Micro's stock price declined by $1.35 per share, or 5%, to close at $25.85 per share on August 30, 2017.

On October 26, 2017, after the market closed, Super Micro reaffirmed its delay in filing its Form 10-K, stating that "[i]n 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."  Super Micro further advised investors that the transaction in question "was originally recorded as revenue during the quarter ended December 31, 2016.  However, prior to review by the Company's independent auditors and prior to the Company's public announcement of its results for the quarter, the recognition of revenue was reversed and the revenue was subsequently recognized in the quarter ended March 31, 2017." 

Following this news, Super Micro's stock price declined by $1.23 per share, or 5.65%, to close at $20.48 per share on October 27, 2017.

Then, on January 30, 2018, Super Micro announced that its Chief Financial Officer, and other senior executive officers, had resigned.  Additionally, Super Micro disclosed that, although the Company's Audit Committee had completed an investigation of the matter, additional time was 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. . . ." 

Following this news, Super Micro's stock price declined by $1.83 per share, or 7.4%, to close at $22.83 per share on January 31, 2018.

The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements about the Company's business, operations and financial results.  Specifically, the complaint alleges that the Defendants made false and/or misleading statements and/or failed to disclose that (1) Super Micro's financial statements contained accounting errors, including errors with respect to one of the Company's sales transactions, (2) as such, the Company's internal controls were not effective, (3) Super Micro lacked the capability to timely review and assess the impact of the foregoing issues, and (4) as a result, Super Micro's public statements were materially false and misleading at all relevant times. 

If you are a member of the proposed Class, you may move the court no later than April 9, 2018 to serve as a lead plaintiff for the purported class.  You need not seek to become a lead plaintiff in order to share in any possible recovery.  If you would like to discuss the complaint or our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling 800-290-1952.  This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.  If you have any questions about this Notice, the action, your rights, or your interests, please contact:

Donald R. Hall
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail: dhall@kaplanfox.com

Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California  94104
(415) 772-4700
Fax:  (415) 772-4707
E-mail: lking@kaplanfox.com

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SOURCE Kaplan Fox & Kilsheimer LLP