Super Micro Computer (SMCI) is trading down approximately 5% at $25.97 on heavy volume after the company was hit with a securities class action alert.
- Law firm Levi & Korsinsky issued an alert to investors today regarding a pending lawsuit that alleges the company concealed internal control weaknesses related to export compliance.
- The action claims that a co-founder and senior employees orchestrated a scheme to bypass U.S. Commerce Department licensing requirements for routing restricted AI servers to Chinese buyers.
- The stock is also facing pressure from a broader market downturn and weakness in the AI sector following a report that OpenAI missed key growth targets, which impacted shares of its partners and other AI-related companies.