The Gross Law Firm notifies investors that a class action has commenced in the United States District Court for the Northern District of California on behalf of shareholders of Super Micro Computer, Inc. who purchased securities between February 2, 2021 and August 28, 2024.
According to the complaint, on August 27, 2024, Hindenburg Research unveiled a short report on SMCI. The short report detailed several allegations against the Company, including that Hindenburg “found glaring accounting red flags, evidence of undisclosed related party transactions, sanctions and control failures, and customer issues.” Investors and analysts reacted immediately to these revelations. The price of SMCI’s common stock declined dramatically. From a closing market price of $562.51 per share on August 26, 2024, SMCI’s stock price fell to $443.49 per share on August 28, 2024, a decline of about 21.16% in the span of only two days.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until October 29, 2024 to request that the court appoint them lead plaintiff.
To receive more information, please fill out the form.
