Important Notice Regarding Alleged Export Control Violation Misrepresentations

The artificial intelligence server market attracted tens of billions in capital as investors poured into companies powering next-generation AI infrastructure. Super Micro Computer, Inc. (NASDAQ: SMCI) rode this wave to nearly $15 billion in fiscal 2024 revenue and $22 billion in fiscal 2025, but a federal indictment now alleges approximately $2.5 billion of those sales were illegal. Levi & Korsinsky, LLP notifies investors in Super Micro Computer, Inc. (NASDAQ: SMCI) that a class action lawsuit has been filed on behalf of shareholders who purchased securities between April 30, 2024 and March 19, 2026. Find out if you qualify to recover losses. You may also contact Joseph E. Levi, Esq. at jlevi@levikorsinsky.com or (212) 363-7500.

Shares plummeted $10.26, or 33.3%, to close at $20.53 on March 20, 2026 after the U.S. Justice Department unsealed an indictment alleging a conspiracy to divert massive quantities of restricted AI servers to China. Applications to serve as lead plaintiff must be filed by May 25, 2026.

The Alleged Export Control Diversion Methodology

The lawsuit contends that Super Micro's co-founder and Taiwan-based management orchestrated a scheme to systematically bypass U.S. Department of Commerce licensing requirements for servers containing Nvidia's most advanced AI chips. According to the DOJ, a third-party broker served as a "fixer" to route approximately $2.5 billion worth of restricted servers to customers in China between 2024 and 2025, all to drive sales and generate revenue in violation of U.S. law.

How Illegal Server Sales Allegedly Inflated Reported Financials

The action claims that throughout the Class Period, the Company attributed its extraordinary revenue growth to "strong demand for AI rack scale PnP solutions" and "innovative DLC designs" while concealing that a material portion of sales depended on illegal exports. The Company's SEC filings described revenue increases as driven by "demand from customers for GPU servers, HPC, and rack-scale solutions" without disclosing the unlawful China channel.

Key Export Control Allegations for Shareholders

• The complaint alleges three individuals associated with Super Micro, including co-founder Yih-Shyan Liaw, conspired to divert restricted AI servers to China without required Commerce Department licenses
• An estimated $2.5 billion in server sales between 2024 and 2025 were allegedly made in violation of U.S. export control laws
• The Company's internal controls over export compliance allegedly contained material weaknesses that were not disclosed to investors
• Quarterly and annual SEC filings attributed sales growth to legitimate demand drivers while allegedly omitting the illegal China diversion channel
• Super Micro's risk factor disclosures warned generically that employees "may engage in improper conduct" while the alleged scheme was already underway

Speak with an attorney about recovering damages or call (212) 363-7500.

The Nvidia GPU Factor

The servers at the center of the alleged scheme contained Nvidia's most advanced AI chips, which have been subject to strict U.S. export controls barring sale to China. The Company acknowledged in SEC filings that these GPU-based servers were "generally more complex and of higher value, resulting in an increase of average selling prices." The lawsuit contends this higher-value product line was the very category being illegally diverted.

"This case presents important questions about export compliance disclosure obligations in the AI infrastructure sector. When a company's revenue growth depends in significant part on sales that allegedly violate federal law, investors deserve to know." -- Joseph E. Levi, Esq.

Submit your information to join this case or contact Joseph E. Levi, Esq. at (212) 363-7500.

ABOUT LEVI & KORSINSKY, LLP -- Over the past 20 years, Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders. The firm has extensive expertise in complex securities litigation and a team of over 70 employees. For seven consecutive years, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report. Applications to serve as lead plaintiff must be filed by May 25, 2026.

Frequently Asked Questions About the SMCI Lawsuit

Q: What is the SMCI class action lawsuit about? A: A securities class action has been filed against Super Micro Computer, Inc. (NASDAQ: SMCI) alleging materially false and misleading statements between April 30, 2024 and March 19, 2026. Shares fell approximately 33.3% after the U.S. Justice Department unsealed an indictment revealing an alleged scheme to illegally divert $2.5 billion in AI servers to China, causing significant losses for shareholders.

Q: Who is eligible to join the SMCI investor lawsuit? A: Investors who purchased SMCI stock or securities between April 30, 2024 and March 19, 2026 and suffered financial losses may be eligible. Eligibility is based on purchase date and documented losses, not on whether you still hold the shares.

Q: How much did SMCI stock drop? A: Shares fell approximately 33.3%, a decline of $10.26 per share, after the DOJ announced the unsealing of an indictment alleging a conspiracy to divert restricted AI servers to China. Investors who purchased shares during the class period at artificially inflated prices may be entitled to compensation.

Q: What does it cost me to participate? A: Nothing. Securities class actions are handled on a pure contingency basis. No upfront fees, no retainer, no out-of-pocket costs.

Q: What if I already sold my SMCI shares -- can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold them. Investors who bought during the class period and sold at a loss may still participate.

Q: What do SMCI investors need to do right now? A: Gather brokerage records including purchase dates, share quantities, and prices paid. Contact Levi & Korsinsky for a free, no-obligation evaluation at jlevi@levikorsinsky.com or (212) 363-7500. No immediate action is required to remain eligible as a class member.

Q: What if I missed the lead plaintiff deadline? A: The deadline applies only to investors seeking lead plaintiff appointment. Class members who miss it can still participate in any settlement or recovery.

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