INVESTIGATION ALERT (NASDAQ: SMCI): DiCello Levitt LLP is

SAN DIEGO, Aug. 28, 2024 (GLOBE NEWSWIRE) — DiCello Levitt LLP announces that it is investigating Super Micro Computer, Inc. (“Super Micro” or the “Company”) (NASDAQ: SMCI)’s compliance with the federal securities laws. The Firm’s investigation is focused on whether the Company violated the federal securities laws, made false and/or misleading statements, and/or failed to disclose information required to be disclosed to investors.

Investors who have purchased Super Micro securities and those with information regarding the allegations are encouraged to obtain additional information and assist the firm’s investigation by contacting DiCello Levitt’s attorneys, Brian O’Mara or Hani Farah, by telephone at (888) 287-9005 or by email at [email protected].

No case has been filed and no class action has been certified. Until a case has been filed and a class action has been certified, you will not be represented by an attorney unless you hire one. You may select an attorney of your choice.

Examination details:

Super Micro is a $35 billion maker of high-performance servers and storage solutions that sells its hardware to technology companies that use it as servers for websites, data storage, and artificial intelligence applications. Servers and storage systems accounted for 92% of Super Micro’s net sales in 2023, with 61% of its most recent quarterly revenue coming from sales in the United States.

On August 27, 2024, Hindenburg Research published a critical research report titled “Super Micro: Fresh Evidence oF Accounting manipulation, sibling dealings and sanctions evasion at this AI high-flyer” and claims, among other things, that it “found glaring accounting red flags, indications of undisclosed transactions with affiliates, sanctions and export control violationsand customer issues.” According to the report, Hindenburg Research claims that the alleged fraud and “improper revenue recognition,” “sanctions evasion,” and “competition and quality concerns” were confirmed as a result of a three-month investigation based on interviews with former senior executives and industry experts, review of litigation records, and international corporate and customs records.

In response to Hindenburg Research’s report, Super Micro shares plunged to their lowest level in nearly six years, trading at just $395.18 per share on August 28, 2024. That means they have fallen more than 29% (or more than $167) since the August 26, 2024 closing price, representing a loss of more than $9.7 billion in market value.

About DiCello Levitt:

At DiCello Levitt, we are committed to achieving justice for our clients through class actions, business-to-business litigation, public service litigation, whistleblower litigation, personal injury litigation, civil and human rights litigation, and mass tort litigation. Our lawyers are highly respected for their ability to litigate and win cases—whether through trial, settlement, or otherwise—for people who have been harmed, global corporations that have suffered significant economic loss, and governments seeking to protect the rights and interests of their citizens. Every day, we put our reputation—and our capital—on the line for our clients.

DiCello Levitt received the highest honors as Plaintiff Firm of the Year and Litigation Innovation Firm of the Year from National Legal Journalin addition to its top class Chambers And Comparison index Reviews. The New York Law Journal DiCello Levitt was also recently recognized as an Outstanding Leader in Litigation Innovation. For more information about the firm, including recent litigation victories and case resolutions, visit www.dicellolevitt.com.

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