Investor Alert: Canadian investors that purchased shares of Super Micro Computer, Inc. listed on the CBOE Canada need to act

TORONTO, Oct. 31, 2024 /CNW/ - Berger Montague (Canada) PC, a Toronto-based law firm that focuses on representing investors in cross-border shareholder disputes, has expanded its investigation of Super Micro Computer, Inc. (NEO: "SMCI.NE").

On October 30, 2024, SMCI published a news release announcing that Ernst & Young LLP ("E&Y") abruptly resigned from serving as SMCI's auditor and would not complete its audit of the Company's fiscal year ending June 30, 2024. In doing so, E&Y warned the Company that it had concerns about its governance, transparency and completeness of communications to E&Y. E&Y's concerns are consistent with a report published by Hindenburg Research on August 26, 2024, whereby it alleged that SMCI boosted its sales with improper revenue recognition practices, investments in undisclosed but related entities, and selling goods to Iran and Russia.

On October 29, 2024, SMCI's share price closed at $16.69 CAD. Upon the release of E&Y's notice the market's reaction was harsh and immediate by sending the shares down approximately 40% to $11.25 CAD on record volume.

While there is a pending shareholder class action in the U.S. Federal District Court for the Northern District of California, the class action does not protect investors that purchased shares of SMCI outside of the United States of America.

If you purchased shares of Super Micro Computer, Inc. between April 16, 2024 and October 29, 2024, and would like to know more about our investigation or have information to share, please contact us at [email protected].

Berger Montague (Canada) PC is one of the leading Canadian law firms that represent investors in shareholder class actions involving Canadian companies that list their securities on stock exchanges located in Canada, Germany, and the United States.

SOURCE Berger Montague (Canada) PC

Questions may be directed to: Berger Montague (Canada) PC, 330 Bay Street, Suite 505, Toronto, ON M5H 2S8, Email: Andy Abramowitz [email protected] or Andrew Morganti at [email protected].