Super Micro Computer, Inc. Investigation - SMCI
Case Summary
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Robbins Geller Rudman & Dowd LLP announces an investigation into potential violations of U.S. federal securities laws by Super Micro Computer, Inc. (NASDAQ: SMCI) focused on whether Super Micro and certain of its top executive officers made false and misleading statements and/or failed to disclose material information to investors.
If you have information that could assist in this investigation or if you are a Super Micro investor who suffered a loss and would like to learn more, you can provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com.
THE COMPANY: Super Micro develops and manufactures server and storage solutions for various markets, including enterprise data centers, cloud computing, artificial intelligence, 5G, and edge computing.
THE REVELATIONS: On January 10, 2023, Spruce Point Capital Management published a report entitled “Micro And Macro Issues At Super Micro Computer,” disclosing its “grave concerns about the accuracy of its financial reporting.” Spruce Point noted that “investors appear to be buying into the CEO’s aggressive, if not outlandish and wildly optimistic revenue targets, even if they include related-party revenues,” “caution[ing investors] that Super Micro’s business has, at best, quarterly revenue visibility and it does not even report a backlog figure.” On this news, the price of Super Micro shares fell more than 7%.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.