Super Micro Accused of Issuing Inaccurate Financial Statements
According to the complaint, Super Micro Computer, Inc. (NasdaqGS: SMCI) repeatedly published promising financial results in its public filings while attesting to their accuracy. Hints of Super Micro’s financial troubles began to surface on August 29, 2017, when the company reported that it was unable to file its Form 10-K for the fiscal year ended June 30, 2017 on time. Then, on October 26, 2017, Super Micro reaffirmed its delay in filing the 10-K because it was investigating a sales transaction that had been recorded as revenue in the wrong quarter. On January 30, 2018, Super Micro announced that it needed more time to analyze the results of the investigation to finalize its Form 10-K and that its Senior Vice President of International Sales, Senior Vice President of Worldwide Sales, and Senior Vice President and Chief Financial Officer were resigning. Since news of Super Micro’s problems became widely known, the company’s stock has declined over 30%, closing at $18.80 per share on February 12, 2018.
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