Supermicro headquarters in San Jose, California. Credit: JHVEPhoto/Adobe StockCalifornia Walnut Grower and German Investment Firm Vie for Lead Plaintiff Status in Super Micro Securities Action
Universal-Investment-Gesellschaft mbH, based in Frankfurt, Germany, has repeatedly disputed the fitness of Crain Walnut Shelling LP in Los Molinos, California to serve as lead plaintiff in the class action accusing Super Micro Computer Inc. of securities accounting fraud.
January 31, 2025 at 12:52 AM
5 minute read
What You Need to Know
- A California walnut grower and German asset management firm are competing for the status of lead plaintiff in a securities class action against Super Micro.
- The class action alleges Super Micro materially misled investors about its revenue outlook and caused them to lose millions when its stock plummeted after a damning report of its accounting practices was published by a research firm.
- A San Jose federal court named the walnut grower as the presumptive lead plaintiff but noted that its rival had raised "serious questions" about its fitness for the role.
Two investors, including a family-run California walnut grower and a German investment asset management firm, are competing for the designation of lead plaintiff in a class action accusing Super Micro Computer Inc. of securities accounting fraud in San Jose federal court.
Universal-Investment-Gesellschaft mbH, based in Frankfurt, Germany, has repeatedly disputed the fitness of Crain Walnut Shelling LP in Los Molinos, California to serve as lead plaintiff in the case against Super Micro, which was filed by Levi & Korsinsky and Kirby McInerne on Aug. 30, 2024 in the U.S. District Court for the Northern District of California. Super Micro CEO Charles Liang and Chief Financial Officer David Weigand are listed as co-defendants in the putative suit.
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