NEW ORLEANS–(BUSINESS WIRE)–Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a
partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces
that KSF has commenced an investigation into Super Micro Computer, Inc.
(NasdaqGS: SMCI).
On October 26, 2017, the Company disclosed an investigation into revenue
recorded in 2Q 2017 (ended 12/31/2016), extending a prior delay for
filing its 2017 10-K. Then on August 22, 2018, the Company disclosed
that its stock was being delisted for its ongoing failure to file its
2017 10-K and 10-Q reports. Then, on November 15, 2018, the Company
disclosed that its 2015 and 2016 annual and 1Q-3Q 2017 financial
statements should no longer be relied upon because of errors “primarily
related to the timing of recognition of revenue and classification of
certain inventory.”
Recently, on May 17, 2019, the Company filed restated financial results
for FY15-FY17, also describing material weaknesses in internal controls,
including “a culture of aggressively focusing on quarterly revenue
without sufficient focus on compliance,” among other things. The Company
has also been sued in a securities class action lawsuit for failing to
disclose material information to investors, violating federal securities
laws, which is ongoing.
KSF’s investigation is focusing on whether Super Micro’s officers and/or
directors breached their fiduciary duties to Super Micro’s shareholders
or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or
have been a long-term holder of Super Micro shares and would like to
discuss your legal rights, you may, without obligation or cost to you,
call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis
Kahn ([email protected]),
or visit http://ksfcounsel.com/cases/otc-smci/
to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General
Charles C. Foti, Jr., is a law firm focused on securities, antitrust and
consumer class actions, along with merger & acquisition and breach of
fiduciary litigation against publicly traded companies on behalf of
shareholders. The firm has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.
Contacts
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
[email protected]
1-877-515-1850
