Dale Deason has filed a class action suit against the San Jose, California company Super Micro Computer, Inc. The plaintiff is filing individually and on behalf of those who purchased or otherwise acquired shares of Super Micro Computer between September 15, 2014 and August 31, 2015. Super Micro Computer common stock trades under the symbol SMCI.
According to the complaint, Super Micro Computer is a company that builds and distributes high performance server solutions centered on modular and open-standard architecture. During the class period, the complaint alleges Super Micro Computer made false and/or misleading statements, and also did not disclose factual adverse information about the company’s business, operations, and prospects.
In particular, the suit includes allegations of Super Micro Computer recording false expenses in its financial reports, which led to erroneous reported net income. The complaint purports a lack of adequate internal financial controls and providing materially false and misleading financial statements.
This securities fraud class action suit alleges that Super Micro Computers substantially misstated expenses for at least five fiscal quarters.
On August 31, 2015, Super Micro Computer issued a statement that the company was not able to file its annual report for the fiscal year that ended on June 30, 2015 within the prescribed time period. The company acknowledged “recently discovered” abnormalities in its marketing expenses, and they are internally investigating the matter.
Procedural Status. The lawsuit was filed on September 4, 2015 and is captioned Dale Deason v. Super Micro Computer, Inc., Charles Liang, and Howard Hideshima. It was filed in the United States District Court Northern District of California. Its civil docket number is 5:15-cv-04049-EJD. The lead plaintiff deadline is November 3, 2015.Article Type: Lawsuit