Law Offices of Howard G. Smith reminds investors of the upcoming August 25, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Cheetah Mobile, Inc. (“Cheetah Mobile” or the “Company”) (NYSE: CMCM) securities between March 25, 2019 and February 20, 2020, inclusive (the “Class Period”).
Investors suffering losses on their Cheetah Mobile investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
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, the Company’s share price fell $0.61, or nearly 17%, to close at $2.99 per share on February 21, 2020, on unusually heavy trading volume.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed 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.
If you purchased or otherwise acquired Cheetah Mobile securities, you may move the Court no later than August 25, 2020, to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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