DOJ Indictment Over Alleged Diversion of AI Servers Fuels Competing Super Micro Securities Suits
Hagens Berman’s May 23 complaint enlarges the proposed class and points to earlier disclosure events as evidence of a long-running export-control scheme.
Overview
- The U.S. Department of Justice unsealed an indictment on March 19 charging three individuals tied to Super Micro with conspiring to divert AI-capable servers to customers in China in violation of U.S. export laws, allegations the DOJ says enabled about $2.5 billion in sales.
- Markets reacted sharply when the indictment became public, with Super Micro shares falling roughly one-third the next trading day.
- Hagens Berman filed a new securities suit on May 23 that asserts a class from February 2, 2024 through March 19, 2026 and argues that earlier partial disclosures on August 28 and October 30, 2024 did not reveal the full scheme.
- Multiple plaintiff firms are now soliciting investors to move for lead-plaintiff status and will contest class periods and corrective-disclosure timing in competing motions due by the May 26, 2026 PSLRA deadline.
- Super Micro says it is cooperating with investigators, has placed employees on leave and terminated a contractor, the company is not named as a defendant in the criminal indictment, and plaintiffs point to the auditor resignation and missed filings as signs of disclosure and compliance failures that matter for investor claims.