SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Super Micro Computer, Inc. - SMCI
NEW YORK, March 27, 2024 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Super Micro Computer, Inc. ("Super Micro" or the "Company") (NASDAQ: SMCI). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Super Micro and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On March 17, 2024, the Wall Street Journal published an article entitled "Meet the Tech Company That Had a Better Year Than Nvidia", reporting that Super Micro "has become a go-to supplier for companies and governments eager to participate in the AI boom" and reporting that the Company's Chief Executive Officer ("CEO") Charles Liang "said his goal was to be producing 5,000 racks of servers a month . . . by the middle of this year." On March 19, 2024, in a filing with the U.S. Securities and Exchange Commission, Super Micro issued a clarification regarding CEO Liang's comments, stating that the Company "is continuing to work towards achieving Mr. Liang's stated capacity goal in the stated timeframe, but the Company's ability to do so is dependent on its ability to address supply chain constraints on AI platform-related components (including GPUs, CPUs, networking cards and high performance memory), its ability to raise sufficient capital to fund this growth, continued demand for its products, including its AI-compatible servers, as well as other operational, strategic and industry risks".
Following Super Micro's clarification, the Company's stock price fell $89.71 per share, or 8.96%, to close at $910.97 per share on March 19, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980
SOURCE Pomerantz LLP
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