A lawsuit was filed on behalf of investors in Cheetah Mobile Inc (ADR) (NYSE: CMCM) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 12/12/2018 -- An investor, who purchased shares of Cheetah Mobile Inc (ADR) (NYSE: CMCM), filed a lawsuit over alleged violations of Federal Securities Laws by Cheetah Mobile Inc.
Investors in shares of Cheetah Mobile Inc (ADR) (NYSE: CMCM), you have certain options and for certain investors are short and strict deadlines running. Deadline: January 29, 2019. NYSE: CMCM investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
On November 26, 2018, it was reported that certain Cheetah Mobile Inc apps found in the Google Play store have been exploiting user permissions as part of an ad fraud scheme. The article stated that Cheetah Mobile's apps "tracked when users downloaded new apps and used this data to inappropriately claim credit for having caused the download." According to the article, two of Cheetah Mobile's apps were removed from the Google Play store after publication of the BuzzFeed article.
Shares of Cheetah Mobile Inc (ADR) (NYSE: CMCM) declined to as low as $5.37 per share on November 27, 2018.
According to the complaint the plaintiff alleges on behalf of purchasers of Cheetah Mobile Inc (ADR) (NYSE: CMCM) common shares between April 26, 2017 and November 27, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between April 26, 2017 and November 27, 2018, the Defendants made false and/or misleading statements and/or failed to disclose that Cheetah's apps had undisclosed imbedded features which tracked when users downloaded new apps, that Cheetah used this data to inappropriately claim credit for having caused the downloads, thatthe foregoing features, when discovered, would foreseeably subject the Company's apps to removal from the Google Play store, that accordingly, Cheetah's revenues between between April 26, 2017 and November 27, 2018 were in part the product of improper conduct and thus unsustainable, and that as a result, the Company's public statements were materially false and misleading at all relevant times.
Those who purchased shares of Cheetah Mobile Inc (ADR) (NYSE: CMCM) have certain options and should contact the Shareholders Foundation.
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