The law firm of Robbins Geller Rudman & Dowd LLP, as reported by the Storage Newsletter, disclosed that in a class action lawsuit entitled Averza v. Super Micro Computer (No. 24-cv-06147; Northern District of California), the specified server equipment manufacturer, and certain of its executives are accused of violating the Securities Act of 1934.
Let us recall that earlier the investment company Hindenburg Research published a devastating report on Supermicro’s operations. In particular, agreements between related parties were identified – such agreements are usually concluded between a company and its subsidiaries on non-market terms. Hindenburg Research also accused Supermicro of violating the sanctions regime. After this, the company’s shares fell in price by more than 20%.
Complaint No. 24-cv-06147, as well as the later complaint Menditto v. Super Micro Computer (No. 24-cv-06149; Northern District of California), accuses Supermicro of making false and/or misleading statements and concealing certain information. The company is charged, among other things, with:
It is noted that on August 28, 2024, Supermicro announced a delay in filing Form 10-K for fiscal year 2024, stating that “management needs additional time to complete an assessment of the status and effectiveness of its internal controls over financial reporting.”
Image Source: Mediatonic Among the available formats are team deathmatch, every man for himself, and…
Seasonic has released the PRIME PX-2200 2200 W power supply. The new product was first…
The ability of modern automation to control vehicles without human intervention is limited by a…
GPUs, originally created for creating three-dimensional images, have performed well in the field of accelerating…
South Korean electronics maker Samsung Display plans to invest $1.8 billion this year to build…
More and more users are complaining about problems with the responsiveness of the iPhone 16…