March 15, 2021 - An amended complaint was filed.

June 25, 2020 - An investor in shares of Cheetah Mobile Inc (ADR) (NYSE: CMCM) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Cheetah Mobile Inc in connection with certain allegedly false and misleading statements made between March 25, 2019 and February 20, 2020.

On February 21, 2020, Cheetah Mobile Inc 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 June 10, 2020, Cheetah Mobile issued a press release to announce its first quarter 2020 financial results. Therein, the Company reported that revenues for its mobile utility product business “decreased by 62.6% year over year to RMB54.3 million in first quarter of 2020 . . . mainly due to the suspension of the Company’s advertising collaborations with Google.”

According to the complaint the plaintiff alleges on behalf of purchasers of Cheetah Mobile Inc (ADR) (NYSE: CMCM) common shares between March 25, 2019 and February 20, 2020, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between March 25, 2019 and February 20, 2020, the Defendants failed to disclose to investors that certain of Cheetah Mobile’s apps were not compliant with the terms of its agreements with Google, that, as a result there was a reasonable likelihood that Google would terminate its advertising contracts with the Company, that, as a result of the foregoing, the Company’s ability to attract new users would be adversely impacted, that, as a result, the Company’s revenue was reasonably likely to decline, and 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.