Supermicro headquarters in San Jose, California. Credit: JHVEPhoto/Adobe Stock Super Micro Hit with Securities Lawsuit For Alleged Statements Over Russian Sanctions-Busting
Shareholders filed the class action in San Jose federal court. Class counsel from Hagens Berman Sobol Shapiro and Labaton Keller Sucharow included he company's CEO and CFO as co-defendants.
October 07, 2024 at 08:58 PM
4 minute read
What You Need to Know
- Computer server maker and rising AI industry star Super Micro Computer was hit with a securities lawsuit on Oct. 4.
- The complaint alleges that Super Micro Computer misled investors about accounting irregularities and its failure to comply with U.S. export controls.
- The company's stock plummeted following an August report by investment research firm Hindenburg Research, which accused Supermicro of accounting manipulation and evading sanctions against Russia.
Silicon Valley-based AI server maker Super Micro Computer was slapped last Friday with a lawsuit claiming that it violated federal securities laws by misleading investors about its compliance with trade restrictions on Russia, among other alleged offenses.
The Norfolk County Retirement System, based in Canton, Massachusetts, filed the class action in the U.S. District Court for the Northern District of California in San Jose. The class, which includes those who acquired Super Micro Computer securities between February 2, 2021 and Sept. 25, 2025, is represented by counsel from Hagens Berman Sobol Shapiro and Labaton Keller Sucharow. The company's CEO, Charles Liang, and Chief Financial Officer, David Weigand, are listed as co-defendants.
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