Super Micro Computer said its common stock carries a “high degree of risk,” while laying out a series of developments that have already affected its business, legal exposure and share price.
The company said purchases from related-party suppliers Ablecom and Compuware accounted for 3.3% of cost of sales in fiscal 2025, down from 4.3% in fiscal 2024 and 6.6% in fiscal 2023. Ablecom and Compuware together still represented a majority of each company’s net sales to Supermicro.
The filing also detailed the ownership links among the Liang family. As of June 30, 2025, Charles Liang and his spouse Sara Liu jointly owned about 10.5% of Ablecom’s capital stock, while Steve Liang and his family owned about 35.0% of Ablecom’s outstanding common stock. Bill Liang serves as CEO and chairman of Compuware.
On the financing side, Charles Liang’s unsecured personal loan stood at about $16.8 million as of June 30, 2025, up from the original $12.9 million borrowed in October 2018. The loan carried interest that started at 0.8% per month, rose to 0.85% per month through February 2020, and then fell to 0.25% beginning March 1, 2020.
The company said Ablecom and Compuware acquired an approximate 30% interest in Leadtek in October 2023, and that Steve Liang and Bill Liang now serve on Leadtek’s seven-member board.
Supermicro also pointed to reputational and legal pressure that has weighed on the stock. It said a short-seller report published on August 27, 2024 and the March 19, 2026 unsealing of an indictment involving three individuals associated with the company contributed to “significant volatility in, and declines of,” its share price.
On the regulatory front, the company said it has received a subpoena from the SEC covering certain customers and its controls and procedures, plus a grand jury subpoena from the U.S. Attorney’s Office for the Southern District of New York. It also said it received other subpoenas from the Eastern District of New York and the Central District of California relating to other customers.
The company said its internal review, led by independent board members, is still ongoing and has not yet concluded. Following these announcements, the company's shares moved -8.23%, and are now trading at a price of $40.3715. For more information, read the company's full 8-K submission here.
