Overview
- Shareholders filed a proposed class action Wednesday in San Francisco accusing Super Micro, CEO Charles Liang and CFO David Weigand of hiding large China sales and gaps in export-control compliance.
- The lawsuit follows a March 19 indictment that charged three people tied to the company with sending U.S.-built servers containing restricted Nvidia GPUs through a Southeast Asian intermediary, a scheme prosecutors say totaled about $2.5 billion in 2024 and 2025.
- Super Micro shares fell 33% on March 20 after the charges, wiping out roughly $6.1 billion in value, and brokers including Citi cut price targets as the stock remained volatile.
- Reuters reviewed purchase notices showing four Chinese universities, including PLA-linked Beihang University and Harbin Institute of Technology, bought Super Micro systems with restricted Nvidia A100 chips, and senators urged a pause on related export licenses.
- Super Micro says it is cooperating, noted that neither it nor Nvidia were charged, accepted Wally Liaw’s resignation and named DeAnna Luna acting compliance chief, while plaintiff firms began soliciting investors for additional securities claims.