The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Super Micro Computer, Inc. (NASDAQ: SMCI) who purchased shares between August 5, 2016 and January 30, 2018. The action, which was filed in the United States District Court for the Northern District of California, alleges that the Company violated federal securities laws.
In particular, the SMCI lawsuit alleges that (1) the Company was improperly recognizing revenue on certain sales transactions; (2) the Company failed to implement and maintain proper internal controls over its financial reporting; (3) the Company's revenues and income were artificially inflated as a result of its illicit business practices; (4) these practices caused the Company to be vulnerable to potential civil and criminal liability, and adverse regulatory action; and (5) as a result of the foregoing, Defendantsâ€™ statements about the Company's business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.
Shareholders have until April 9, 2018 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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