Super Micro Computer, Inc. (SMCI) Securities Class Action

The action alleges that Super Micro and certain of its senior officers violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by making false and misleading statements and concealing an illegal scheme to sell billions of dollars’ worth of Super Micro servers—embedded with Nvidia AI chips—to China through a Southeast Asian passthrough entity in violation of U.S. export control laws.   

According to the complaint, Defendants carried out a two-phase campaign of deception: first, by making public assurances of compliance with U.S. export restrictions, and second—after the Company missed SEC filing deadlines, the Company’s auditor Ernst & Young resigned and the Company opened an internal Special Committee investigation into Super Micro’s compliance with export controls —by providing only partial corrective information but concealing the underlying export fraud.

The complaint alleges that the full scope of the scheme was not revealed until March 19, 2026, when a federal court unsealed a Department of Justice Grand Jury Indictment charging Super Micro's co-founder and Senior Vice President Yih-Shyan “Wally” Liaw and others with conspiring to divert high-performance servers to China—a conspiracy that generated at least approximately $2.5 billion in sales and involved the staging of “dummy” servers, fabrication of data center lease agreements, and active obstruction of the Company’s own internal compliance audits.  This news drove the price of Super Micro shares down $10.26 (-33%) the next day.

FREQUENTLY ASKED QUESTIONS ABOUT THE CASE

What is the SMCI investigation about?

We are investigating whether Defendants concealed a massive illegal scheme to sell billions of dollars’ worth of advanced AI servers—powered by Nvidia chips subject to U.S. export restrictions—to the People's Republic of China through a Southeast Asian shell entity.

WHAT SHOULD I DO?

I worked at SMCI. What should I do?

If you were an employee of SMCI, you may have valuable information that could be relevant to the investigation. Hagens Berman is one of the nation’s top whistleblower law firms, and has successfully represented many individuals who come forward with information regarding corporate malfeasance. Under the new SEC Whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, contact Reed Kathrein at 844-916-0895 or [email protected].

There are multiple law firms participating, do I need to contact all of them?

No, you do not need to contact all participating law firms. Generally, class-action investigations and lawsuits are consolidated into a single case to streamline the legal process, and attorneys from only a few law firms are selected to serve in a leadership role on the consolidated case. Hagens Berman has a proven track record of being appointed to leadership roles in complex, multidistrict litigation regarding investor fraud and other consumer rights issues, and your claim will be handled by attorneys who have helped secure approximately $325 billion in class-action settlements on behalf of individuals who have suffered due to corporate malfeasance and the wrongdoing of other powerful institutions.

AM I ELIGIBLE?

What is the threshold amount to be eligible? What are “substantial” losses?

The threshold amount and the definition of "substantial" losses may vary depending on a number of factors specific to the case, including the size of the company, market cap, shares outstanding and who holds them and the damages alleged by the fraud. In general, to be eligible to participate in a class-action lawsuit, you must be able to demonstrate that you suffered financial losses as a result of the alleged wrongdoing and that your losses meet the criteria set by the court or law firm. Fill out the form and submit your losses.

CAN I PARTICIPATE?

Am I affected? What do I need to do to participate?

If you were an investor in SMCI, you may be affected and eligible to participate in the case. To determine your eligibility and potential involvement, fill out the form and submit your losses.

Can any SMCI investor participate?

In most class-action investigations and cases, any investor who meets the eligibility criteria, including purchasing the shares during the relevant period, can participate, regardless of the size of their investment. Fill out the form to find out your rights.

I bought on a non-U.S. Exchange. Can I participate?

No. This investigation only covers shares bought on a U.S. exchange, i.e. NASDAQ or NYSE. Fill out the form to find out your rights.

Am I included if I still hold my shares, or do I need to sell to participate?

Participation is based on purchasing shares during the relevant period, rather than your current holdings. Accordingly, you do not need to sell to participate. Fill out the form to find out your rights.