NEW YORK, Nov. 11, 2017 /PRNewswire/ -- Juan Monteverde, founder and managing partner at Monteverde & Associates PC, a boutique securities firm headquartered at the Empire State Building in New York City announces an investigation against Super Micro Computer, Inc.(NasdaqGS: SMCI)("Super Micro" or the "Company") for possible violations of federal securities laws.
On October 26, 2017, Super Micro announced it was delaying the filing of its Annual Report on Form 10-K for the fiscal year ended June 30, 2017 due, in part, to "a sales transaction [that] was subject to additional inquiry and review." The transaction in question was originally recorded as revenue during the quarter ended December 31, 2016, but was reversed prior to review by Super Micro's auditors and its public announcement of results for the quarter, and subsequently recognized in the quarter ended March 31, 2017. Super Micro's audit committee is investigating whether similar transactions occurred and were properly accounted for.
After this announcement, shares of Super Micro fell $1.22 per share or over 5% to close at $20.48 per share on October 27, 2017
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Monteverde & Associates PC is a boutique class action securities and consumer litigation law firm committed that has recovered millions of dollars and is committed to protecting shareholders and consumers from corporate wrongdoing. Monteverde & Associates PC lawyers have significant experience litigating Mergers & Acquisitions and Securities Class Actions, whereby they protect investors by recovering money and remedying corporate misconduct. Mr. Monteverde, who leads the legal team at the firm, has been recognized by Super Lawyers as a Rising Star in Securities Litigation in 2013 and 2017, an award given to less than 2.5% of attorneys in a particular field.
Contact:
Juan E. Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave, Suite 4405
New York, NY 10118
United States of America
jmonteverde@monteverdelaw.com
Tel: (212) 971-1341
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