NEW YORK, Oct. 27, 2017 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Super Micro Computer, Inc. ("Super Micro" or the "Company") (NASDAQ: SMCI). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 9980.
The investigation concerns whether Super Micro and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On October 26, 2017, post-market, Super Micro announced that the Company 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 the Company'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.
On this news, Super Micro's share price has fallen as much as $4.00, or 18.43%, during intra-day trading on October 27, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
SOURCE Pomerantz LLP