Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Aug. 27, 2024 (GLOBE NEWSWIRE) — The Portnoy Law Firm advises Super Micro, Inc. (NASDAQ: SMCI) investors that the firm has initiated an investigation into possible securities fraud and may file a class action on behalf of investors. Super Micro, Inc. investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: info@portnoylaw.com, to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On August 27, 2024, Hindenburg Research released a report that raised serious concerns about Super Micro’s accounting practices and corporate governance. The report alleges issues such as improper revenue recognition and the rehiring of executives previously involved in accounting scandals.
The report notes, “Less than three months after settling with the SEC for $17.5 million, Super Micro began rehiring top executives implicated in the accounting scandal, according to litigation records and interviews with former employees.” Hindenburg Research also pointed out problems with Super Micro’s transactions involving related parties. Specifically, it highlighted that CEO Charles Liang’s brothers control suppliers Ablecom and Compuware, which have received $983 million over the past three years. These transactions, described as circular, involve undisclosed dealings that could affect revenue recognition and reported margins.
The integrity of Super Micro was further questioned regarding its trade with sanctioned countries. Despite a guilty plea for exporting prohibited components to Iran in 2006 and promises of compliance with U.S. export bans following the invasion of Ukraine, the report suggests that exports to Russia have increased, potentially breaching sanctions.
In response to the report, Super Micro’s stock price fell by 4.5% in midday trading on August 27, 2024.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA, NY and TX Bars
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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