Investor Lawyers Blog
News articles report that Super Micro Computer stock (NASDAQ: SMCI) was facing the possibility of being delisted from the Nasdaq before hiring a new firm of auditors and presenting a plan to file its Annual Report in early 2025. Investors may have legal claims arising from the circumstances leading to this near-delisting, which reportedly include related party transactions that were not fully disclosed in the Company’s publicly reported financials.
Super Micro Computer is a $35 billion high-performance server and storage solutions manufacturer founded in 1993 and headquartered in San Jose, California, in the heart of Silicon Valley. The company originally listed on Nasdaq via a $64 million Initial Public Offering in 2007. Super Micro Computer shares have significantly dropped in value in recent months, although they have recently rebounded to some extent. The Company’s shares peaked in value at $122.90 a share in March 2024 and have since traded at prices as low as below $20 a share.
Super Micro Computer is reportedly a “Rack-Scale Total IT Solutions provider”, offering servers, storage systems, switches, software and global support services. It sells into the following segments: enterprise data centers, cloud computing, artificial intelligence, 5G, and edge computing. Servers and storage systems reportedly accounted for 92% of the company’s net sales in 2023.