Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $100,000 Investing In Cheetah Mobile, Inc. To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Cheetah Mobile, Inc. ("Cheetah Mobile" or the "Company")(NYSE:CMCM) of the deadline, 60 days from the original notice of action, to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Cheetah Mobile stock or options between March 25, 2019 and February 20, 2020 and would like to discuss your legal rights, please fill out the form below. There is no cost or obligation to you. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased Cheetah Mobile securities between March 25, 2019 and February 20, 2020 (the "Class Period"). The case, Azure Funds LLC v. Cheetah Mobile, Inc. et al., No. 20-cv-05696 was filed on June 25, 2020.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose to investors: (1) that certain of Cheetah Mobile’s apps were not compliant with the terms of its agreements with Google; (2) that, as a result there was a reasonable likelihood that Google would terminate its advertising contracts with the Company; (3) that, as a result of the foregoing, the Company’s ability to attract new users would be adversely impacted; (4) that, as a result, the Company’s revenue was reasonably likely to decline; and (5) that as a result, Defendants’ statements about the Company’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On February 21, 2020, before the market opened, Cheetah Mobile disclosed that its Google Play Store, Google AdMob, and Google AdManager accounts were disabled on February 20, 2020 "because some of the Company’s apps had not been compliant with Google policies, resulting in certain invalid traffic."
On this news, Cheetah Mobile's share price fell from $3.60 per share on February 20, 2020 to a closing price of $2.99 on February 21, 2020: a $0.61 or a 16.94% drop.
Cheetah Mobile, Inc. (CMCM)
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Filed on 06/26/2020
Lead Plaintiff Deadline 06/25/2020
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Phone (212) 983-9330
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Richard W. Gonnello firstname.lastname@example.org Phone (212) 983-9330 Fax (212) 983-9331