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Cheetah Mobile Inc (ADR) (NYSE: CMCM) Investor Securities Class Action Lawsuit 11/30/2018

  • 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 11/30/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

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

July 16, 2020 - The court granted the defendants' motion to dismiss.

October 2, 2019 - A seconded amended complaint was filed.

May 16, 2019 - A motion to dismiss the amended complaint was filed.

March 28, 2019 - An amended complaint was filed.

November 30, 2018 - An investor in shares of Cheetah Mobile Inc (ADR) (NYSE: CMCM) filed a lawsuit in the U.S. District Court for the Southern District of New York 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 November 27, 2018.

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.