Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Super Micro Computer, Inc. (SMCI)

NEW YORK, Feb. 08, 2018 -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Super Micro Computer, Inc. (“Super Micro” or the “Company”) (NASDAQ:SMCI) in the United States District Court for the Northern District of California on behalf of a class consisting of investors who purchased or otherwise acquired Super Micro securities on the open market from January 27, 2017, and January 30, 2018, inclusive (the “Class Period”), seeking to recover compensable damages caused by Defendants’ violations of the Securities Exchange Act of 1934.

The Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company’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) the Company lacked the capability to timely review and assess the impact of the foregoing issues; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On August 29, 2017, the Company filed a Notice of Late Filing with the SEC, reporting that the Company “is not in a position to file its Form 10-K for fiscal year ended June 30, 2017 (the “Form 10-K”), in a timely manner because the Registrant cannot complete the Form 10-K in a timely manner without unreasonable effort or expense” and that “[a]dditional time is needed for the Company to compile and analyze certain information and documentation and complete preparation of its financial statements.”

Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the April 9, 2018 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].

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