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Super Micro Computer (SMCI) Spruce's Financial Reporting Concerns Case
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- In January 2023, Spruce Point expressed concerns over Super Micro’s financial reporting.
- On it, $SMCI fell 7.6%, losing $357M+ of shareholder value.
- Investors may have grounds to suspect Super Micro & CEO of unlawful business practices, which led to their losses.
On January 10, 2023, Spruce Point Capital Management released a report expressing grave concerns about the accuracy of Super Micro's financial reporting and the sustainability of its recent stock price performance.
The report also mentioned that the Company and its CEO had a troubling history that recently resulted in delinquent filings, financial restatements, and a delisting of its shares.
On this news, $SMCI fell 7.6% and lost over $357 million of its market capitalization, seriously damaging shareholders.
Considering all the information, investors might have grounds to suspect Super Micro of unlawful business practices, which led to their losses.
The case is already under investigation by at least one of the reputable law firms.
Failure to Disclose,
Shock Event Date
10 January 2023