Super Micro Computer (SMCI) Faces Multiple Legal Fronts Amid Financial Allegations - Hagens Berman

Core Insights - Super Micro Computer, Inc. (SMCI) is facing legal challenges including a class-action lawsuit alleging financial impropriety and misleading statements regarding its financial performance and internal controls [1][3][4] Legal Proceedings - A new class-action lawsuit has been filed on behalf of investors, covering a class period from February 2, 2021, to September 25, 2024, with a lead plaintiff deadline set for October 29, 2024 [2] - The lawsuit expands upon previous allegations and seeks to represent all individuals or entities who purchased Super Micro securities during the specified period [2][3] Allegations and Investigations - The lawsuit claims that Super Micro made materially false and misleading statements about its financial performance, internal controls, and related party transactions [3] - The situation escalated on August 27, 2024, when Hindenburg Research published a report highlighting significant accounting issues and undisclosed related party transactions [4] - Following this, Super Micro announced a delay in filing its annual report to assess its internal controls over financial reporting [5] - On September 26, 2024, it was reported that the U.S. Department of Justice initiated an investigation into Super Micro based on allegations from a whistleblower regarding accounting violations [5][6] Whistleblower Information - Hagens Berman is investigating Super Micro and encourages whistleblowers with non-public information to come forward, potentially receiving rewards under the SEC Whistleblower program [6]