 INTRODUCTION TO THE Super Micro CLASS ACTION LAWSUIT Give Timothy L. Miles a call to discuss your options in the Super Micro class action lawsuit The Super Micro class action lawsuit – captioned Averza v. Super Micro Computer, Inc., No. 24-cv-06147 (N.D. Cal.) seeks to represent purchasers or acquirers of Super Micro Computer, Inc.'s (NASDAQ: SMCI) publicly traded securities between August 31, 2023, and August 28, 2024, both dates inclusive (the “Class Period”). The Super Micro class action lawsuit charges Super Micro and certain of Super Micro’s top executives with violations of the Securities Exchange Act of 1934. A subsequently filed complaint is captioned Menditto v. Super Micro Computer, Inc., No. 24-cv-06149 (N.D. Cal.). If you have suffered losses in Super Micro stock and are interested in becoming the lead plaintiff in the Super Micro class action lawsuit or have any inquiries regarding your rights as a shareholder, please reach out to Super Micro Stock Loss Lawyer Timothy L. Miles at no cost. You can contact him by calling 855/846-6529, sending an e-mail to [email protected], or filling out a contact form. Lead plaintiff motions for the Super Micro class action lawsuit must be filed with the court no later than October 29, 2024. LEAD PLAINTIFF APPOINTMENT IN THE Super Micro CLASS ACTION LAWSUIT: APPROXIMATELY FOUR MONTHS AFTER INITIAL COMPLAINT FILEDWhen a securities class action is filed such as the Super Micro class action lawsuit, the person who files the first complaint is required to publish a notice announcing the filing. Anyone who wants to be lead plaintiff on behalf of the class in the Super Micro class action lawsuit must thereafter file a motion to be appointed as lead plaintiff(s) no later than 60 days after the notice was published. At the end of the sixty days, the court can rule on the lead plaintiff’s motion just on the pleading filed with the court, or the judge may set a hearing on the motion for 30–45 days after the sixty-day expiration. If a hearing is held, the judge will issue an order afterwards appointing a lead plaintiff which could be a couple weeks to a couple months. Regardless, the PSLRA states that not later than 90 days after the initial filing and notice the court must consider the lead plaintiff’s motions and must consolidate all the related cases filed before issuing an order on the lead plaintiff. Thus, from the initial filing until a lead plaintiff is appointed, about four months have passed. FILING OF A CONSOLIDATED COMPLAINT: APPROXIMATELY SIX MONTHS AFTER INTIAL FILINGAfter the appointment of lead plaintiff, the court will enter a scheduling order which will include a time, usually about 60 days, for the lead plaintiff to file a consolidated complaint consolidating the allegations all complaints along with any new additional allegations. THE DEFENDANTS MOTION TO DISMISS: DECIDED NEARLY A YEAR AFTER THE INITIAL COMPLAINT WAS FILEDIn the same scheduling order, the court will also set a time for the defendants to file a motion to dismiss and schedule a briefing and possibly a hearing on the motion once the briefing is completed. The defendants may have 45 to 60 days to file the motion to dismiss and then the briefing schedule is typically around 60 days, and the court will then enter an order either granting or denying the motion to dismiss. Thus, by the time defendants’ motion to dismiss is decided nearly a year has passed since the filing of the original complaint and could be possibly longer given the court’s schedule. COMPLETION OF DISCOVERY: TWO-AND-HALF-YEARS AFTER INITIAL FILINGIf the defendant’s motion to dismiss is denied, the parties will move into the discovery phase including the exchange of documents, request for admissions, interrogatories, depositions, and third-party subpoenas, among others. The discovery phase usually takes about a year, though it can be less or more depending on the size of the case and its complexity. Thus, by the time discovery is completed approximately two-and-a-half years have passed since the initial filing, which is approximately how long it takes a securities class action to resolve. SETTLEMENT NEGOTIATION AND MEDIATIONBy now two-and-a-half to three years have passed since the initial filing of the lawsuit. However, it is at this point that nearly all securities class actions result in a settlement, but that process takes time also. Once the parties have reached an agreement, it will have to be preliminarily approved by the court with notice to shareholders with the right to object, obtain final approval of the settlement, and then the claims process begins. Usually, a third-party administrator is hired to administer the common fund. If the parties have complied with all the steps for approval, the judge will approve the distribution of the settlement fund by the claim’s administrator. You will receive a court-appointed notice and have to send in a claim form confirming your purchases and sales. This process alone can take up to a year and therefore it may be four years until the case is finally resolved. Frequently Asked QuestionsCan I serve as a lead plaintiff in the class action against Super Micro if I purchases shares outside of the class period?No. Even if you suffered losses in Super Micro stock, if you purchased securities outside of the Class period, you will not be able to participate in the Super Micro class action lawsuit. Can I serve as a lead plaintiff in the class action against Super Micro if I am serving as lead plaintiff in another securities fraud case?Yes, unless you have been a lead plaintiff in more than five securities class actions during any three-year period which is expressly prohibited by the securities laws. Otherwise, if you suffered losses in Super Micro stock, you may move to be appointed lead plaintiff in the Super Micro class action lawsuit. Can the court appoint more than one lead plaintiff in the Super Micro lawsuit?Yes, at its discretion the Court may appoint a person, entity, or group of persons and/or entities as Lead Plaintiffs in the Super Micro class action lawsuit. CONTACT Super Micro STOCK LOSS LAWYER TODAY TIMOTHY L. MILES TODAY ABOUT A Super Micro CLASS ACTION LAWSUITIf you suffered losses in Super Micro stock, contact Super Micro stock loss lawyer Timothy L. Miles today for a free case evaluation about a Super Micro class action lawsuit. Call today and see what a Super Microstock loss lawyer could do for you if you suffered losses in Super Micro stock. This will most likely be the only call you need to make. (855) 846–6529 or [email protected]. The Law Offices of Timothy L. Miles Tapestry at Brentwood Town Center 300 Centerview Dr., #247 Brentwood, TN 37027 Phone: (855) 846–6529 Email: [email protected] Super Micro stock loss lawyer Timothy L. MilesNashville attorney Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles has dedicated his career to representing shareholders, employees, and consumers in complex class-action litigation. Whether serving as lead, co-lead, or liaison counsel, Mr. Miles has helped recover hundreds of millions of dollars for defrauded investors, shaped precedent-setting decisions, and delivered real corporate governance reforms. Judges and peers have repeatedly recognized Mr. Miles’ relentless advocacy for the underdog, as well as his unbendable ethical standards. Mr. Miles was recently selected by Martindale-Hubbell® and ALM as a 2022 Top Ranked Lawyer, 2022 Top Rated Litigator. and a 2022 Elite Lawyer of the South. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association,Class Action: Class Action: Top National Trial Lawyers, National Trial Lawyers Association (2023), a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019); a Top Rated Litigator by Martindale-Hubbell® and ALM (2019-2022); America’s Most Honored Lawyers 2020 – Top 1% by America’s Most Honored (2020-2022). Mr. Miles has published over sixty articles on various issues of the law, including class actions, whistleblower cases, products liability, civil procedure, derivative actions, corporate takeover litigation, corporate formation, mass torts, dangerous drugs, and more. Please visit our website or call for free anytime. Comments are closed.
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