Super Micro Computer, Inc. (NASDAQ: SMCI) Share Price Falls
Post-market, on January 30, 2018, Super Micro Computer, “a global leader in high-performance, high-efficiency server, storage technology and green computing,” issued an announcement (“Supermicro Announces Second Quarter Fiscal 2018 Preliminary Information; Management Changes”) which stated, in pertinent part, that
[Super Micro Computer’s] Audit Committee has completed the previously disclosed investigation. Additional time is required to analyze the impact, if any, of the results of the investigation on [Super Micro’s] historical financial statements, as well as to conduct additional reviews before [Super Micro] will be able to finalize its Annual Report on Form 10-K for the fiscal year ended June 30, 2017 (the “Form 10-K”). [Super Micro] is unable at this time to provide a date as to when the Form 10-K will be filed or to determine whether the Company’s historical financial statements will be adjusted or, if so, the amount of any such adjustment(s) and what periods any such adjustments may impact. [Super Micro] intends to file its Quarterly Reports on Form 10-Q for the quarters ended September 30 and December 31, 2017 promptly after filing the Form 10-K.
Super Micro Computer’s announcement also stated that “. . . Wally Liaw, Sr. Vice President of International Sales, Phidias Chou, Sr. Vice President, Worldwide Sales and Howard Hideshima, Senior Vice President, Chief Financial Officer, have resigned. In addition, Mr. Liaw has resigned from the Company’s Board of Directors. The resignations and appointment are effective immediately.”
Super Micro Computer Investor and Shareholder Alert
On this news, Super Micro Computer shares dropped $1.82 per share, or more than 7% from Super Micro’s previous closing price, to close at $22.83 per share on January 31, 2018.
Super Micro Computer Shareholders and Investors
Kehoe Law Firm, P.C. is investigating whether Super Micro Computer and certain of its officers or directors engaged in securities fraud or other unlawful business practices. SMCI shareholders and investors with questions or concerns may contact John Kehoe, Esq., (215) 792-6679, Ext. 801, [email protected], complete the form above on the right or e-mail [email protected] for additional information.