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China TechFaith Wireless Communication Technology Limited (NASDAQ: CNTF) Investor Securities Class Action Lawsuit 01/08/2019

  • If you purchased of shares of China TechFaith Wireless Communication Technology Limited (NASDAQ: CNTF), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
China TechFaith Wireless Communication Technology Limited
Security
NASDAQ: CNTF

Case Name
China TechFaith Wireless Communication Technology Shareholder Class Action Lawsuit 01/08/2019
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Eastern District of New York

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

July 24, 2019 - An amended complaint was filed.

January 8, 2019 - An investor in shares of China TechFaith Wireless Communication Technology Limited (NASDAQ: CNTF) filed a lawsuit in the U.S. District Court for the Eastern District of New York over alleged violations of Federal Securities Laws by China TechFaith Wireless Communication Technology Limited in connection with certain allegedly false and misleading statements made between July 12, 2018 through December 19, 2018.

Beijing, China based China TechFaith Wireless Communication Technology Limited engages in the original design and development of specialized mobile handsets for consumers and enterprises in the People's Republic of China and internationally. China TechFaith Wireless Communication Technology Limited reported that its annual Total Revenue declined from $60.95 million in 2016 to $46.80 million in 2017 and that its Net Income of $10.13 million in 2016 declined to a Net Loss of $9.33 million in 2017.

On December 20, 2018, before the market opened, China TechFaith Wireless Communication Technology Limited reported that in connection with its sale of a subsidiary, China TechFaith Wireless Communication Technology Limited had recognized “an impairment loss of US$62.2 million under net loss from discontinued operations for the first half period ended on June 30, 2018.” Shares of China TechFaith Wireless Communication Technology Limited (NASDAQ: CNTF) declined to as low as $0.76 per share on December 27, 2018.

On January 8, 2019, NASDAQ: CNTF shares closed at $1.03 per share.

According to the complaint the plaintiff alleges on behalf of purchasers of China TechFaith Wireless Communication Technology Limited (NASDAQ: CNTF) common shares between July 12, 2018 through December 19, 2018, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between July 12, 2018 through December 19, 2018, the defendants made false and/or misleading statements and/or failed to disclose that China TechFaith Wireless Communication Technology Limited’s agreement to sell its wholly-owned subsidiary would not be as lucrative as it led investors to believe, that China TechFaith Wireless Communication Technology Limited failed to adequately disclose that changing market conditions would negatively impact profitability, and that as a result, defendants’ statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.