Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Super Micro Computer, Inc. (NasdaqGS: SMCI).
On October 26, 2017, the Company disclosed an investigation into revenue originally recorded in Q2 ended December 31, 2016, extending a prior delay for filing its 10-K for FYE June 30, 2017.
Throughout 2018, the Company received noncompliance letters from Nasdaq threatening delisting and suspension of trading of its stock for its ongoing failure to file its 10-K for FYE June 30, 2017 and 10-Q reports. On August 22, 2018, the Company disclosed that its stock was being delisted for the foregoing reasons. On November 15, 2018, the Company disclosed that its financial statements for FYE June 30, 2016 and 2015 and QE March 31, 2017, December 31, 2016 and September 30, 2016 should no longer be relied upon because of errors “primarily related to the timing of recognition of revenue and classification of certain inventory.”
The Company has been sued in a securities class action lawsuit for failing to disclose material information, violating federal securities laws, which is ongoing.
KSF’s investigation is focusing on whether Super Micro’s officers and/or directors breached their fiduciary duties to Super Micro’s shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Super Micro shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com), or click here.