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SMCI.US
id: 475, Created by Stan Vick Chase, Scout
Super Micro Securities Settlement
Settled
05 August 2016
Class period Start30 January 2018
Class period End27 February 2023
Claim deadlineSuper Micro Computer (SMCI) agreed to pay up to $18.25 million to settle a securities class action lawsuit to avoid further litigation.
The Complaint alleged that the Company and its Leaders made misleading statements regarding the Company’s business, operations and compliance policies.
Specifically, they made false and/or misleading statements and/or failed to disclose that: (i) Super Micro’s financial statements contained accounting errors, including errors with respect to one of the Company’s sales transactions; (ii) as such, the Company’s internal controls were not effective; (iii) Super Micro lacked the capability to timely review and assess the impact of the foregoing issues;
Alleged Offence
Other
Suspected Party
Other
Security Type
Stocks
Trade Direction
Long
Filing date
08 February 2018
Lead plaintiff
New York Hotel Trades Council & Hotel Association of New York City, Inc. Pension Fund
Attorney
Pitta LLP (New York, ), Robbins Geller Rudman & Dowd LLP (San Francisco, CA)
Defendants
Charles Liang, Howard Hideshima, and Yih-Shyan (Wally) Liaw
Court
Northern District of California
Judge
Hon. Jon S. Tigar
Administrator
Gilardi & Co LLC
Court hearing date
02 March 2023
Exclusion deadline
09 February 2023
Objection deadline
09 February 2023
Hearing deadline
09 February 2023
+$18,250,000
Total Settlement Amount