Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, has launched an investigation of Super Micro Computer, Inc. (“Super Micro”) (NasdaqGS: SMCI) and several officers and directors for possible violations of federal securities laws.
The firm is investigating potential legal claims against the officers and Board of Directors of Super Micro. If you are an affected Super Micro shareholder and want to learn more about the investigation, contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at firstname.lastname@example.org, or call toll free at (888) 809-2750. There is no cost or fee to you.
The firm seeks to determine if the defendants violated certain provisions of the Securities Exchange Act of 1934. Specifically, the investigation relates to Super Micro’s announcement after the market closed on October 26, 2017, that it will delay the filing of its annual report on Form 10-K in order to complete an investigation related to a specific sales transaction. Super Micro advised investors that the transaction at issue was originally recorded as revenue during the quarter ended December 31, 2016, but that prior to review by Super Micro’s auditors and the Company’s public announcement of its results for the quarter, the recognition of revenue was reversed and recognized in the quarter ended March 31, 2017. When Super Micro’s audit committee became aware of the transaction, it initiated an investigation to determine whether any similar transactions had occurred and, if so, had been properly accounted for. Following this news, Super Micro stock dropped as much as $4.00 per share, or 18.43%, during intra-day trading on October 27, 2017.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.