Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Super Micro Computer, Inc.
WAYNE, Pa., Sept. 18, 2015 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of persons who purchased or acquired the shares of Super Micro Computer, Inc. ("Super Micro" or the "Company") (NASDAQ: SMCI) September 15, 2014 and August 31, 2015, inclusive (the "Class Period").
Super Micro shareholders may, no later than November 3, 2015, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Super Micro and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/smci.
Super Micro develops and provides high-performance server solutions based on modular and open-standard architecture.
The Complaint alleges that Super Micro and certain of its executive officers made a series of false and misleading statements, and failed to disclose material adverse facts, about the Company's business, operations, and prospects. Specifically, the defendants are alleged to have made false and misleading statements and/or failed to disclose that: (i) the Company improperly recorded expenses in its financial reports; (ii) as a result, the Company's reported net income was misstated; (iii) the Company lacked adequate internal financial controls; and (iv) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
On August 31, 2015, the Company disclosed that it had "determined that it is unable to file its Annual Report on Form 10-K for the fiscal year ended June 30, 2015 within the prescribed time period without unreasonable effort or expense," and that it had "recently discovered certain irregularities regarding certain marketing expenses and additional time is required for [the Company] to complete its investigation of the matter."
On this news, shares of Super Micro's stock declined $2.58 per share, or 9.4%, to close on September 1, 2015 at $24.77 per share, on heavy trading volume.
If you are a member of the class, you may, no later than November 3, 2015, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide. To learn more about the class action process, please visit: www.rmclasslaw.com.
CONTACT: Ryan & Maniskas, LLP
Richard A. Maniskas, Esquire
995 Old Eagle School Rd., Suite 311
Wayne, PA 19087
484-588-5516
877-316-3218
www.rmclasslaw.com/cases/smci
[email protected]
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SOURCE Ryan & Maniskas, LLP
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