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Cheetah Mobile Inc (ADR) (NYSE: CMCM) Investor Securities Class Action Lawsuit 11/08/2017

  • If you purchased shares of Cheetah Mobile Inc (ADR) (NYSE: CMCM), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Cheetah Mobile Inc
Security
NYSE: CMCM

Case Name
Cheetah Mobile Shareholder Class Action Lawsuit 11/08/2017
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Central District of California

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

June 27, 2018 - The court granted defendants' motion to dismiss.

March 1, 2018 - A motion to dismiss the amended complaint was filed.

February 15, 2018 - An amended complaint was filed.

November 8, 2017 - 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 April 26, 2017 and October 25, 2017.

China based Cheetah Mobile Inc is a holding company that along with its consolidated subsidiaries, variable interest entities (VIEs) and a VIE's subsidiary are engaged in the provision of online marketing services, Internet value-added services, and Internet security services and others. Cheetah Mobile Inc reported that its annual Total Revenue rose from $571 million in 2015 to $690.64 million in 2016.

On October 26, 2017, Prescience Point Research Group published a report asserting, among other things, that approximately 55% of Cheetah Mobile Inc’s reported consolidated revenue does not exist.

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 October 25, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between April 26, 2017 and October 25, 2017, the defendants made false and/or misleading statements and/or failed to disclose that Cheetah Mobile Inc is using company-controlled accounts to inflate the gifting on Live.me, that Cheetah Mobile Inc overstated its revenue, and that as a result, Cheetah Mobile Inc’s public statements were materially false and misleading at all relevant times.