City of Hialeah Employees’ Retirement System v. Super Micro Computer, Inc. et al

On April 8, 2026, Bernstein Litowitz Berger & Grossmann LLP (“BLB&G”) filed a class action in the U.S. District Court for the Northern District of California alleging violations of the federal securities laws by Super Micro Computer, Inc. (“Supermicro” or the “Company”) and certain of the Company’s senior executives (collectively, “Defendants”). On July 13, 2026, the Honorable Jacqueline S. Corley of the Northern District of California consolidated the existing, related Supermicro cases, appointed the Public Employees’ Retirement System of Mississippi (“MissPERS”), Handelsbanken Fonder AB (“Handelsbanken”), and Storebrand Asset Manager (“Storebrand”) as Co-Lead Plaintiffs, and appointed BLB&G as Co-Lead Counsel for the Class.

On October 9, 2026, Lead Plaintiffs filed a Consolidated Amended Complaint on behalf of investors who purchased or otherwise acquired Supermicro’s securities from February 2, 2024 through June 29, 2026, inclusive (the “Class Period”).

Supermicro’s Alleged Fraud

Supermicro is a technology company that designs, builds, and sells high-performance servers, data storage systems, and related hardware used by businesses for applications such as cloud computing, artificial intelligence (“AI”), and managing large-scale data centers. Supermicro derives a significant part of its revenues from the sale of servers that integrate chips manufactured by NVIDIA Corporation (“NVIDIA”). Prompted by national security concerns over China’s use of AI to advance its military and political objectives, the U.S. Department of Commerce has imposed strict licensing controls for the export and reexport of certain technologies to China, including the chips manufactured by NVIDIA that make up Supermicro’s products.

Throughout the Class Period, Defendants expressly stated that Supermicro “follows all U.S. export control requirements on the sale and export” of NVIDIA chips, denied Supermicro’s participation in any chip smuggling schemes, and assured investors that the Company went “above and beyond what U.S. export restrictions require.” Further, Defendants represented that sales to China accounted for around 1% of Supermicro’s revenues and that the Company’s revenue growth was being driven by its “technology and product leadership in the AI infrastructure market.”

Investors became aware of Defendants’ prior misrepresentations and misleading statements in the spring of 2026. First, on March 19, 2026, federal agents arrested Supermicro co-founder, board member, and Senior Vice President of Business Development, Defendant Yih-Shyan “Wally” Liaw. The U.S. Department of Justice indicted and charged Liaw and two other individuals with allegedly conspiring to divert $2.5 billion of Supermicro computer servers integrating sophisticated AI technology to China through Thailand, in violation of U.S. export control rules. As a result of these disclosures, the price of Supermicro stock declined by $10.26 per share, or 33%.

Then, on June 9, 2026, the Company disclosed in an SEC filing that it had received subpoenas from the SEC and the U.S. Attorney’s Offices for the Southern District of New York, the Eastern District of New York, and the Central District of California related to issues raised in the DOJ indictment. After these disclosures, the price of Supermicro’s stock declined again by $11.37 per share, or approximately 28% on June 10, 2026.

Further, on June 29, 2026, multiple media outlets reported that Taiwanese government authorities had raided Supermicro’s offices in Taiwan as part of a probe into a second illegal export scheme. Following these disclosures, Supermicro’s stock price declined by $2.48 per share, or approximately 8%, on that day.