Welcome to the Super Micro Securities Settlement Website
|
The Settlement Hearing will be held on March 2, 2023 at 2:00 p.m., before the Honorable Jon S. Tigar, via Zoom at the link available at https://cand.uscourts.gov/judges/tigar-jon-s-jst/. The Court reserves the right to approve the Settlement or the Plan of Allocation, Lead Counsel’s motion for an award of attorneys’ fees and expenses, and/or any other matter related to the Settlement at or after the Settlement Hearing without further notice to the members of the Class.
|
This website has been established to provide general information related to the proposed settlement of the case known as Hessefort v. Super Micro Computer, Inc., et al., Case No. 4:18-cv-00838-JST (the “Litigation”), pending before the United States District Court for the Northern District of California, Oakland Division (the "Court"). The capitalized terms used on this website, and not otherwise defined, shall have the same meanings ascribed to them in the Stipulation of Settlement (the "Stipulation") dated April 8, 2022, which can be found and downloaded by clicking on the Case Documents tab above. Your rights may be affected by the Settlement if you purchased or otherwise acquired the common stock of Super Micro Computer, Inc. (“Super Micro”) from August 5, 2016 through January 30, 2018, inclusive (the “Class Period”).
The law firm of Robbins Geller Rudman & Dowd LLP was appointed to represent all Class Members. These lawyers are called Lead Counsel. You will not be separately charged for the services of these lawyers. The Court will determine the amount of Lead Counsel’s fees and expenses. Any fees and expenses awarded by the Court will be paid from the Settlement Fund. If you want to be represented by your own lawyer, you may hire one at your own expense.
WHAT IS THIS LAWSUIT ABOUT?
As more fully described in the Notice of Pendency and Proposed Settlement of Class Action (the "Notice"), this Litigation arises under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and alleges that during the Class Period, Defendants Super Micro, Charles Liang, Howard Hideshima, and Yih-Shyan (Wally) Liaw made materially false and misleading statements about Super Micro’s business performance and conditions. More specifically, Lead Plaintiff alleges that during the Class Period, Defendants misled investors regarding Super Micro’s business and financial results.
In the course of the Litigation, the Settling Parties engaged the services of Michelle Yoshida, of Phillips ADR, a nationally recognized mediator. The Settling Parties engaged in a mediation session with Ms. Yoshida on December 2, 2021. In advance of the mediation, the parties exchanged and provided to Ms. Yoshida detailed confidential mediation briefs with supporting exhibits. While the Settling Parties did not reach an agreement to settle the Litigation at the mediation, the Settling Parties continued settlement negotiations with the assistance of Ms. Yoshida. On March 11, 2022, the Settling Parties executed a term sheet setting forth their agreement in principle to resolve the Litigation.
WHAT DOES THE SETTLEMENT PROVIDE?
The Settlement, if approved, will provide Eighteen Million, Two Hundred and Fifty Thousand Dollars ($18,250,000) (the “Settlement Amount”). The Settlement Amount and any interest it earns constitute the “Settlement Fund.” The Settlement Fund, after deduction of Court-approved attorneys’ fees and expenses, Notice and Administration Expenses, Taxes, and any other fees or expenses approved by the Court, is the “Net Settlement Fund.” If the Settlement is approved by the Court, the Net Settlement Fund will be distributed to eligible Authorized Claimants.
ADDITIONAL INFORMATION
Although the information in this website is intended to assist you, it does not replace the information contained in the Notice and Stipulation, both of which can be found and downloaded by clicking on the Case Documents tab above. We recommend that you read the Notice and other relevant case documents carefully.
YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT
| DO NOTHING |
Get no payment. Remain a Class Member. Give up your rights. |
| REMAIN A MEMBER OF THE CLASS AND SUBMIT A CLAIM FORM POSTMARKED OR SUBMITTED ONLINE NO LATER THAN FEBRUARY 27, 2023 |
This is the only way to be potentially eligible to receive a payment. If you wish to obtain a payment as a member of the Class, you will need to file a claim form (the “Claim Form” or “Proof of Claim Form”), which is included with the Notice, postmarked or submitted online no later than February 27, 2023. You must submit a Claim Form even if you previously submitted one in connection with Super Micro’s settlement with the Securities and Exchange Commission. |
| EXCLUDE YOURSELF FROM THE CLASS (OPT OUT) BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION SO THAT IT IS RECEIVED NO LATER THAN FEBRUARY 9, 2023 |
Receive no payment from this Settlement. This is the only option that allows you to ever potentially be part of any other lawsuit against any of the Defendants or the other Released Defendant Parties concerning the Released Claims. Should you elect to exclude yourself from the Class, you should understand that Defendants and the other Released Defendant Parties will have the right to assert any and all defenses they may have to any claims that you may seek to assert, including, without limitation, the defense that any such claims are untimely under applicable statutes of limitations and statutes of repose. |
| OBJECT TO THE SETTLEMENT SO THAT IT IS FILED OR POSTMARKED NO LATER THAN FEBRUARY 9, 2023 |
Write to the Court about your view on the Settlement, or why you don’t think the Settlement is fair to the Class.
If you do not exclude yourself from the Class, you may object to the Settlement, the Plan of Allocation, or the request for attorneys’ fees and litigation expenses. You must still submit a Claim Form in order to be potentially eligible to receive any money from the Settlement Fund. |
| ATTEND A HEARING ON MARCH 2, 2023, AT 2:00 P.M., AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS POSTMARKED NO LATER THAN FEBRUARY 9, 2023 |
Ask to speak in Court about the fairness of the Settlement, the proposed Plan of Allocation, or the request for attorneys’ fees and litigation expenses. |
IMPORTANT DATES AND DEADLINES
| Submit Proof of Claim Form: |
February 27, 2023 |
| File Objection: |
February 9, 2023 |
| Exclude Yourself: |
February 9, 2023 |
| Court Hearing on Fairness of Settlement: |
March 2, 2023, at 2:00 p.m. |