SAN DIEGO, Jan. 30, 2018 /PRNewswire/ -- Johnson Fistel, LLP has commenced an investigation concerning whether Super Micro Computer, Inc. SMCI ("Super Micro") violated federal securities laws.
On August 29, 2017, Super Micro disclosed it required additional time to file its 2017 10-K. On September 14, 2017, the Company disclosed it had received a Non-Compliance letter from Nasdaq. On October 26, 2017, Super Micro reaffirmed its delay in filing the 10-K, stating that "In connection with the in-process audit of the Company's financial results for the year ended June 30, 2017, a sales transaction was subject to additional inquiry and review". Then on January 30, 2018, the Company stated that "the Audit Committee has completed the previously disclosed investigation. Additional time is required to analyze the impact, if any, of the results of the investigation on the Company's historical financial statements, as well as to conduct additional reviews before the Company will be able to finalize its Annual Report on Form 10-K for the fiscal year ended June 30, 2017 (the "Form 10-K")".
On January 30, 2018, the Company also announced that Howard Hideshima, Senior Vice President, Chief Financial Officer had resigned. Also leaving Super Micro is Wally Liaw, Sr. Vice President of International Sales, additionally, Mr. Liaw has resigned from the Company's Board of Directors.
Following the news, Super Micro stock plummeted in after-hours trading on January 30, 2018.
If you are a Super Micro shareholder and are interested in learning more about the investigation or your legal rights and remedies, please contact Jim Baker (jimb@johnsonfistel.com) by email or by phone at 619-814-4471. If emailing, please include a phone number where you can be reached.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
SOURCE Johnson Fistel, LLP
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