Super Micro Securities Settlement

N.D. California

Court

08/05/2016

Class period Start

01/30/2018

Class period End

02/27/2023

Claim deadline

Super 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; 

Case Status

Disbursed

Alleged Offence

Other

Suspected Party

Other

Security Type

Stocks

Trade Direction

Long

Filing date

02/08/2018

Plaintiffs

New York Hotel Trades Council & Hotel Association of New York City, Inc. Pension Fund

Attorneys

Pitta LLP (New York, ), Robbins Geller Rudman & Dowd LLP (San Francisco, CA)

Defendants

Charles Liang, Howard Hideshima, and Yih-Shyan (Wally) Liaw

Judge

Hon. Jon S. Tigar

Administrator

Gilardi & Co LLC

Court hearing date

03/02/2023

Exclusion deadline

02/09/2023

Objection deadline

02/09/2023

Hearing deadline

02/09/2023

Trades matching type

FIFO

Disbursement date

02/23/2024

+$18,250,000

Cash Settlement Amount