Securities & Investment Fraud

WageWorks Securities Class Litigation

Securities Class Litigation

Introduction

Securities fraud class action litigation has been filed on behalf of investors in the publicly traded securities of WageWorks, Inc. (“WageWorks” or the “Company”) (Nasdaq: WAGE). If you purchased or otherwise acquired the publicly traded securities of WageWorks between May 5, 2016 and March 1, 2018, inclusive (the “Class Period”), you may move the court for appointment as lead plaintiff by no later than May 8, 2018.

You may retain Lieff Cabraser Heimann & Bernstein, LLP, or other attorneys, as your counsel in the actions. Recognized by the National Law Journal as one of the nation’s top plaintiffs’ law firms, Lieff Cabraser is committed to safeguarding the rights of investors and upholding the integrity of the market. We have significant experience and a successful track record of representing institutional and individual investors in securities and financial fraud litigation.

WageWorks investors may choose to have Lieff Cabraser review their claim by completing the contact form below. You can also call Michael Miarmi of Lieff Cabraser at 1-800-541-7358 to discuss the litigation.

Background on the WageWorks Securities Class Litigation

WageWorks, incorporated in Delaware and headquartered in San Mateo, California, provides tax-advantaged programs for consumer-directed health, commuter, and other employee spending account benefits in the United States.

The action alleges that throughout the class period, defendants issued, or caused to be issued, a series of false or misleading financial statements, failing to disclose that: (i) there were material weaknesses in WageWorks’ systems of internal controls and its practices and controls were ineffective; (ii) WageWorks failed to adequately manage and assess risk relating to certain complex transactions, including certain government contracts; (iii) WageWorks improperly recognized revenue, thereby inflating its earnings and related financial metrics; and (iv) as a result of the foregoing, WageWorks’ financial statements were materially false or misleading at all relevant times.

On March 1, 2018, WageWorks announced that it would delay filing its annual report on Form 10-K. On that news, share prices of WAGE fell 18.6%, or $9.75 per share, from its closing price of $52.45 on February 28, 2018 to close at $42.70 per share on March 1, 2018, on highly elevated trading volume.

The next day, March 2, 2018, WageWorks disclosed that the delay in reporting its financials was due to a material weakness in internal control over financial reporting as of December 31, 2017, and that its audit committee was conducting an investigation into the Company’s revenue recognition practices during fiscal 2016. The investigation is also examining whether there was an open flow of information and appropriate “tone at the top” for an effective control environment at the Company. The Company further stated the investigation is ongoing and could result in the identification of other accounting issues, further material weaknesses, and/or require the restatement of the Company’s financial statements for previously reported periods.

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II. TRANSACTIONS IN WAGEWORKS SECURITIES

Number of shares of WageWorks held immediately before the start of the Class Period on May 4, 2016:

From May 5, 2016 through March 1, 2018, inclusive, I made the following transactions in WageWorks publicly traded securities:

PURCHASES

Date
No. of Shares
Price

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SALES

Date
No. of Shares
Price

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During the 90 days after March 2, 2018, I made the following transactions in WageWorks publicly traded securities:

SALES

Date
No. of Shares
Price

show more rows

Comments & questions:

Please sign me up for the Lieff Cabraser Civil Justice Newsletter: Yes


About Lieff Cabraser

Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Seattle, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.

The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In late 2016, Benchmark Litigation named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”

Akorn Securities Class Litigation

Securities Class Litigation

Introduction

Securities fraud class action litigation has been filed on behalf of investors in the publicly traded securities of Akorn, Inc. (“Akorn” or the “Company”) (Nasdaq: AKRX). If you purchased or otherwise acquired the publicly traded securities of Akron between March 1, 2017 and February 26, 2018, inclusive (the “Class Period”), you may move the court for appointment as lead plaintiff by no later than May 7, 2018.

You may retain Lieff Cabraser Heimann & Bernstein, LLP, or other attorneys, as your counsel in the actions. Recognized by the National Law Journal as one of the nation’s top plaintiffs’ law firms, Lieff Cabraser is committed to safeguarding the rights of investors and upholding the integrity of the market. We have significant experience and a successful track record of representing institutional and individual investors in securities and financial fraud litigation.

Akorn investors may choose to have Lieff Cabraser review their claim by completing the contact form below. You can also call Sharon M. Lee of Lieff Cabraser at 1-800-541-7358 to discuss the litigation.

Background on the Akorn Securities Class Litigation

Akorn, incorporated in Louisiana and headquartered in Lake Forrest, Illinois, develops, manufactures, and markets specialized generic and branded pharmaceuticals, over-the-counter drug products, and animal health products in the United States and internationally.

On April 24, 2017, it was announced that Fresenius SE & Co. KGaA (“Fresenius”) agreed to acquire Akorn. The transaction was expected to close by early 2018.

The action alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) Akorn’s failure to comply with Food and Drug Administration (“FDA”) data integrity requirements would jeopardize Akorn’s acquisition by Fresenius; (2) the Company lacked effective internal controls over financial reporting; and (3) as a result, the Company’s financial statements were materially false and misleading at all relevant times.

On February 26, 2018, Fresenius announced that it is conducting an investigation into alleged breaches of FDA data integrity requirements at Akorn. Fresenius also stated that consummation of the transaction may be affected if the closing conditions under the merger agreement are not met. On this news, the Company’s share price fell 38.41%, or $11.63, from the previous closing price of $30.28 per share on February 26, 2018, to close at $18.65 per share on February 27, 2018, on extremely elevated trading volume.

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II. TRANSACTIONS IN AKORN SECURITIES

Number of shares of Akorn held immediately before the start of the Class Period on March 1, 2017:

From March 1, 2017 through February 26, 2018, inclusive, I made the following transactions in Akorn publicly traded securities:

PURCHASES

Date
No. of Shares
Price

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SALES

Date
No. of Shares
Price

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During the 90 days after February 26, 2018, I made the following transactions in Akorn publicly traded securities:

SALES

Date
No. of Shares
Price

show more rows

Comments & questions:

Please sign me up for your Consumer Law newsletter. Yes


About Lieff Cabraser

Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Seattle, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.

The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In late 2016, Benchmark Litigation named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”

Ubiquiti Networks, Inc. Securities Class Litigation

Securities Class Litigation

Introduction

Securities fraud class action litigation has been filed on behalf of investors in the publicly traded securities of Ubiquiti Networks, Inc. (‘Ubiquiti” or the “Company”) (Nasdaq: UBNT). If you purchased or otherwise acquired the publicly traded securities of Ubiquiti Networks, Inc. between May 9, 2013 and February 20, 2018, inclusive (the “Class Period”), you may move the court for appointment as lead plaintiff by no later than April 23, 2018.

You may retain Lieff Cabraser Heimann & Bernstein, LLP, or other attorneys, as your counsel in the actions. Recognized by the National Law Journal as one of the nation’s top plaintiffs’ law firms, Lieff Cabraser is committed to safeguarding the rights of investors and upholding the integrity of the market. We have significant experience and a successful track record of representing institutional and individual investors in securities and financial fraud litigation.

Ubiquiti investors may choose to have Lieff Cabraser review their claim by completing the contact form below. You can also call Sharon M. Lee of Lieff Cabraser at 1-800-541-7358 to discuss the litigation.

Background on the Ubiquiti Securities Class Litigation

Ubiquiti develops technology platforms for high-capacity distributed Internet access, unified information technology, and next-generation consumer electronics for home and personal use. The Company purports to “drive[] brand awareness largely through the company’s user community where customers can interface directly with Research & Development, marketing, and support.” The Company calls this user community the “Ubiquiti Community.”

The action alleges that defendants made false and/or misleading statements and/or failed to disclose, among other things, that (i) the number of the Company’s purported user community was drastically overstated; (ii) that it had exaggerated its publicly reported accounts receivable; and (iii) that as a result of the foregoing, Ubiquiti’s publicly disseminated financial statements were materially false and misleading.

On September 18, 2017 Citron Research issued a report detailing a series of “alarming red flags,” indicating that the Company had been deceiving investors and was engaged in “corporate fraud,” including, among other things, that the Company had misrepresented the size of its purported “Ubiquiti Community.”

On February 20, 2018, Ubiquiti announced that the Securities and Exchange Commission had issued subpoenas to the Company and certain of its officers. On this news, Ubiquiti’s share price fell 25.34%, or $18.76, from the closing price of $74.04 on February 16, 2018, to close at $55.28 per share on February 20, 2018, on highly elevated trading volume.

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II. TRANSACTIONS IN UBIQUITI SECURITIES

Number of shares of Ubiquiti held immediately before the start of the Class Period on May 9, 2013:

From May 9, 2013 through February 20, 2018, inclusive, I made the following transactions in Ubiquiti publicly traded securities:

PURCHASES

Date
No. of Shares
Price

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SALES

Date
No. of Shares
Price

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During the 90 days after February 21, 2018, I made the following transactions in Ubiquiti publicly traded securities:

SALES

Date
No. of Shares
Price

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Comments & questions:

Please sign me up for your Consumer Law newsletter. Yes


About Lieff Cabraser

Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Seattle, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.

The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In late 2016, Benchmark Litigation named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”

Johnson & Johnson Securities Class Litigation

Securities Class Litigation

Introduction

Securities fraud class action litigation has been filed on behalf of investors in the publicly traded securities of Johnson & Johnson (“J&J” or the “Company”) (NYSE: JNJ). If you purchased or otherwise acquired the publicly traded securities of J&J between February 22, 2013 and February 7, 2018, inclusive (the “Class Period”), you may move the court for appointment as lead plaintiff by no later than April 9, 2018.

You may retain Lieff Cabraser Heimann & Bernstein, LLP, or other attorneys, as your counsel in the actions. Recognized by the National Law Journal as one of the nation’s top plaintiffs’ law firms, Lieff Cabraser is committed to safeguarding the rights of investors and upholding the integrity of the market. We have significant experience and a successful track record of representing institutional and individual investors in securities and financial fraud litigation.

J&J investors may choose to have Lieff Cabraser review their claim by completing the contact form below. You can also call Sharon M. Lee of Lieff Cabraser at 1-800-541-7358 to discuss the litigation.

Background on the J&J Securities Class Litigation

J&J, headquartered in New Brunswick, New Jersey, together with its subsidiaries researches and develops, manufactures, and sells health care products worldwide.

The action alleges that, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) J&J has known for decades that its talc products include asbestos fibers and that exposure to asbestos fibers can cause ovarian cancer and mesothelioma; and (2) as a result, defendants’ statements about J&J’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

In the 1990s, J&J outlined a plan to hike flagging sales of its powder “by targeting” black and Hispanic women, according to a company memorandum made public in recent lawsuits against J&J.

On September 21, 2017, The Chicago Tribune reported that “documents indicate that J&J has known for decades that its talc products include asbestos fibers and that the exposure to those fibers can cause ovarian cancer.” On this news, the price of J&J shares fell $2.28 per share over five consecutive trading days, from a close of 133.22 on September 20, 2017, to close at $129.47 per share on September 28, 2017.

On February 5, 2018, CNBC reported that on this news, shares of J&J fell $7.29 per share or over 5% from its previous closing price to close at $130.39 per share on February 5, 2018.

On February 7, 2018, the Beasley Allen law firm issued a press release stating that “[i]nternal Johnson & Johnson documents from 1972 note that asbestos was found in 100 percent of talc samples tested at the time, but this information was never released publicly.” It further stated that J&J stopped funding a project designed to test talc samples for asbestos contamination once a majority of the sample batches were found to be positive for asbestos.

Shareholder Contact Form


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II. TRANSACTIONS IN J&J SECURITIES

Number of shares of J&J held immediately before the start of the Class Period on February 22, 2013:

From February 22, 2013 through February 7, 2018, inclusive, I made the following transactions in J&J publicly traded securities:

PURCHASES

Date
No. of Shares
Price

show more rows

SALES

Date
No. of Shares
Price

show more rows

During the 90 days after February 7, 2018, I made the following transactions in J&J publicly traded securities:

PURCHASES

Date
No. of Shares
Price

show more rows

SALES

Date
No. of Shares
Price

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Comments & questions:

We agree to protect your name and all confidential information you submit against disclosure, publication, or unauthorized use to the fullest extent under the law. Please note that completion of this form does not contractually obligate our firm to represent you. We can only serve as your attorney if both you and our firm agree, in writing, that we will serve as your counsel.

We produce a free e-mail Civil Justice Newsletter three to four times a year, and distribute it to persons who have contacted us and wish to receive the newsletter.

Please sign me up for your Civil Justice Newsletter. Yes


About Lieff Cabraser

Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Seattle, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.

The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In late 2016, Benchmark Litigation named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”

MetLife, Inc. Securities Class Litigation

Securities Class Litigation

Introduction

Securities fraud class action litigation has been filed on behalf of investors in the publicly traded securities of MetLife, Inc. (“MetLife” or the “Company”) (NYSE: MET). If you purchased or otherwise acquired the publicly traded securities of MetLife between February 27, 2013 and January 29, 2018, inclusive (the “Class Period”), you may move the court for appointment as lead plaintiff by no later than April 6, 2018.

You may retain Lieff Cabraser or other attorneys as your counsel in the litigation. Recognized by the National Law Journal as one of the nation’s top plaintiffs’ law firms, Lieff Cabraser is committed to safeguarding the rights of investors and upholding the integrity of the market. We have significant experience and a successful track record of representing institutional and individual investors in securities and financial fraud litigation.

MetLife investors may choose to have Lieff Cabraser review their claim by completing the contact form below. You can also call Sharon M. Lee of Lieff Cabraser at 1-800-541-7358 to discuss the litigation.

Background on the MetLife Securities Class Litigation

MetLife, headquartered in New York City, is a provider of life insurance, annuities, employee benefits, and asset management products in the United States and internationally.

The action alleges that defendants misrepresented or failed to disclose that (1) practices and procedures MetLife used to estimate its reserves set aside for annuity and pension payments were inadequate; (2) MetLife had inadequate internal controls over financial reporting; and (3) as a result, defendants’ Class Period statements about MetLife’s business, operations, and prospects were materially false or misleading when made. Plaintiffs further allege that when the true facts emerged, investors suffered damages as a result of defendants’ misstatements and omissions.

On December 15, 2017, MetLife filed a Form 8-K with the SEC announcing that the Company could not locate some plan beneficiaries who were owed money, and that the Company planned to provide an update on the matter in its year-end Form 10-K to be filed with the SEC. Also that day, The Wall Street Journal reported that MetLife failed to pay monthly pension benefits to “possibly tens of thousands of workers,” citing analysts who believed the payments “could be 10 or more years overdue.” Over the next two trading days, the price of MetLife stock fell $0.62 per share, or more than 1.2%, to close at $50.79 on December 19, 2017.

On January 29, 2018, MetLife announced it would reschedule earnings releases and conference calls related to its fourth quarter and full year 2017 results, that the Company identified material weaknesses in its internal controls, that it would revise prior financial statements, and that the SEC and New York Department of Financial Services had contacted the Company. Over the next two trading days, the price of MetLife stock fell $6.28 per share, or more than 11.6%, to close at $47.67 on January 31, 2018.

Shareholder Contact Form


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II. TRANSACTIONS IN METLIFE SECURITIES

Number of shares of MetLife held immediately before the start of the Class Period on February 26, 2013:

From February 27, 2013 through January 29, 2018, inclusive, I made the following transactions in MetLife publicly traded securities:

PURCHASES

Date
No. of Shares
Price

show more rows

SALES

Date
No. of Shares
Price

show more rows

During the 90 days after January 29, 2018, I made the following transactions in MetLife publicly traded securities:

PURCHASES

Date
No. of Shares
Price

show more rows

SALES

Date
No. of Shares
Price

show more rows

Comments & questions:

We agree to protect your name and all confidential information you submit against disclosure, publication, or unauthorized use to the fullest extent under the law. Please note that completion of this form does not contractually obligate our firm to represent you. We can only serve as your attorney if both you and our firm agree, in writing, that we will serve as your counsel.

We produce a free e-mail Civil Justice Newsletter three to four times a year, and distribute it to persons who have contacted us and wish to receive the newsletter.

Please sign me up for your Civil Justice Newsletter. Yes


About Lieff Cabraser

Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Seattle, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.

The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In late 2016, Benchmark Litigation named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”

Super Micro Computer, Inc. Securities Class Litigation

Securities Class Litigation

Introduction

Securities fraud class action litigation has been filed on behalf of investors in the securities of Super Micro Computer, Inc. (“Super Micro” or the “Company”) (Nasdaq: SMCI). If you purchased or otherwise acquired the securities of Super Micro between August 5, 2016 and January 30, 2018, inclusive (the “Class Period”), you may move the court for appointment as lead plaintiff by no later than April 9, 2018.

You may retain Lieff Cabraser Heimann & Bernstein, LLP, or other attorneys, as your counsel in the actions. Recognized by the National Law Journal as one of the nation’s top plaintiffs’ law firms, Lieff Cabraser is committed to safeguarding the rights of investors and upholding the integrity of the market. We have significant experience and a successful track record of representing institutional and individual investors in securities and financial fraud litigation.

Super Micro investors may choose to have Lieff Cabraser review their claim by completing the contact form below. You can also call Sharon M. Lee of Lieff Cabraser at 1-800-541-7358 to discuss the litigation.

Background on the Super Micro Securities Class Litigation

Super Micro is a San-Jose, California-based Company that designs, develops, manufactures, and sells server solutions.

The action alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Super Micro’s financial statements contained erroneous accounting, including errors regarding at least one of the Company’s sales transactions; (2) accordingly, Super Micro’s internal controls were not effective; and (3) the Company would not be able to timely review and evaluate the impact of these issues on their past financial statements.

On August 29, 2017, after the market closed, Super Micro reported that the Company was “not in a position” to timely file its Form 10-K for the fiscal year ended June 30, 2017, and that it would need additional time “to compile and analyze certain information and documentation and complete preparation of its financial statements.” On this news, the price of Super Micro shares declined $1.35, or 4.96% from a previous close of $27.20 per share on August 29, 2017, to close at $25.85 on August 30, 2017, on highly elevated trading volume.

On October 26, 2017, after market close, Super Micro announced a continued delay in filing the 10-K, stating that a particular sales transaction “was subject to additional inquiry and review.” The Company stated that the transaction “was originally recorded as revenue during the quarter ended December 31, 2016. However, prior to review by the Company’s independent auditors and prior to the Company’s public announcement of its results for the quarter, the recognition of revenue was reversed and the revenue was subsequently recognized in the quarter ended March 31, 2017.” On this news, the price of Super Micro shares fell $1.23, or 5.65% from a closing price of $21.70 per share on October 26, 2017, to close at $20.48 on October 27, 2017, on extremely heavy trading volume.

On January 30, 2018, after market close, Super Micro announced that its Audit Committee had completed its investigation, but that more time was needed “to analyze the impact, if any, of the results of the investigation on the Company’s historical financial statements” and so the Company would still not yet be able to file its Form 10-K for the fiscal year ended June 30, 2017. The same day, Super Micro announced the resignations of Howard Hideshima, Senior Vice President and Chief Financial Officer, Phidias Chou, Senior Vice President of Worldwide Sales, and Wally Liaw, Senior Vice President of International Sales. On this news, the price of Super Micro shares dropped $1.82, or 7.38% from a previous closing price of $24.65 on January 30, 2018, to close at $22.83 on January 31, 2018, on elevated trading volume.

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II. TRANSACTIONS IN SUPER MICRO SECURITIES

Number of shares of Super Micro held immediately before the start of the Class Period on August 5, 2016:

From August 5, 2016 through January 30, 2018, inclusive, I made the following transactions in Super Micro securities:

PURCHASES

Date
No. of Shares
Price

show more rows

SALES

Date
No. of Shares
Price

show more rows

During the 90 days after January 30, 2018, I made the following transactions in Super Micro Securities:

SALES

Date
No. of Shares
Price

show more rows

Comments & questions:

Please sign me up for your Consumer Law newsletter. Yes


About Lieff Cabraser

Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Seattle, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.

The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In late 2016, Benchmark Litigation named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”

Gatekeepers CII Spring 2018 Registration

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“Where are the Gatekeepers?”

A presentation on Tuesday, March 13, 2018 at the CII Spring 2018 Conference in Washington, D.C. by Lieff Cabraser partner Bruce W. Leppla, sponsored by Lieff Cabraser.

Use the form below to register for “Where Are the Gatekeepers?”, a discussion on the role investment funds play in the effort to curtail corporate misconduct and fraud set for Tuesday, March 13, 2018 at 4:30 p.m. Hosted by Lieff Cabraser.


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Wells Fargo & Company Shareholder Derivative Litigation

Securities and Financial Fraud

Lieff Cabraser serves as Co-Lead Counsel for Co-Lead Plaintiffs Fire and Police Pension Association of Colorado and The City of Birmingham Retirement and Relief System in this consolidated shareholder derivative action alleging that, since at least 2011, the Board and executive management of Wells Fargo & Company (“Wells Fargo”) knew or consciously disregarded that Wells Fargo employees were illicitly creating millions of deposit and credit card accounts for their customers, without those customers’ consent, in an attempt to drive up “cross-selling,” i.e., selling complementary Wells Fargo banking products to prospective or existing customers.

Revelations regarding the scheme, and the defendants’ knowledge or blatant disregard of it, have deeply damaged Wells Fargo’s reputation and cost it millions of dollars in regulatory fines and lost business. In May 2017, the court largely denied defendants’ motion to dismiss plaintiff’s amended complaint.

The case is In re Wells Fargo & Company Shareholder Derivative Litigation, No. 3:16-cv-05541 (N.D. Cal.).

Navient Corporation Securities Class Litigation

Securities and Financial Fraud

Lieff Cabraser serves as lead counsel for the court-appointed lead plaintiff, a group of Lord Abbett funds, in Lord Abbett Affiliated Fund, Inc., et al. v. Navient Corporation, et al., No. 1:16-cv-112-GMS (D. Del.), a securities fraud class action arising under the PSLRA against Navient, certain of Navient’s senior officers and directors, and the underwriters of certain of Navient’s public debt offerings.

The consolidated actions allege that defendants misrepresented or failed to disclose that (i) Navient’s loan-servicing practices violated applicable federal regulations and jeopardized a contingency collection contract with the U.S. Department of Education (“DOE”); (ii) the Company had an increased number of higher-risk borrowers who were not repaying their loans and Navient failed to properly account for this increased risk of loss in its reported financial results; (iii) Navient’s operating structure was inefficient as a result of its spin-off from Sallie Mae; and (iv) a significant portion of the Company’s low-rate credit facilities were at risk of being reduced or eliminated.

A consolidated amended class action complaint was filed in September 2016 and the parties have since fully briefed defendants’ motion to dismiss.

BofI Holding, Inc. Securities Class Litigation

Stock price chart

Lieff Cabraser serves as lead counsel for court-appointed lead plaintiff, Houston Municipal Employees Pension System (“HMEPS”), in this securities fraud class action against BofI Holding, Inc. and certain of its senior officers. The action charges defendants with issuing materially false and misleading statements and failing to disclose material adverse facts about BofI’s business, operations, and performance.

In September 2016, the court largely denied defendants’ motion to dismiss the consolidated amended complaint. Plaintiff filed a second amended complaint in November 2016 in order to remedy the few claims that had been dismissed. In May 2017, the court denied in significant part defendants’ motion to dismiss that complaint.

The case is Houston Municipal Employees Pension System v. BofI Holding, Inc., et al., No. 3:15-cv-02324 (S.D. Cal.). A copy of the consolidated amended complaint is available here.

If you would like more information about the litigation, or have information relevant to the lawsuit, please use the form below or contact Richard Texier of Lieff Cabraser toll-free at 1-800-541-7358 or at rtexier@lchb.com.

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About Lieff Cabraser

Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Seattle, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.

The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Best Lawyers and U.S. News named Lieff Cabraser as a “Law Firm of the Year” for 2016, and Benchmark Litigation included our firm in its 2016 “Top 10 Plaintiffs Firms” listing.