NEW YORK--(BUSINESS WIRE)--
Rosen Law Firm, a global investor rights law firm, announces it has filed a class action lawsuit on behalf of purchasers of the securities of Cheetah Mobile Inc. (NYSE:CMCM) from April 26, 2017 through October 25, 2017, both dates inclusive (the “Class Period”). The lawsuit seeks to recover damages for Cheetah Mobile investors under the federal securities laws.
To join the Cheetah Mobile class action, go to http://www.rosenlegal.com/cases-1224.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Cheetah Mobile is using company-controlled accounts to inflate the gifting on Live.me; (2) Cheetah Mobile overstated its revenue; and (3) as a result, Cheetah Mobile’s public statements were materially false and misleading at all relevant times. On October 26, 2017, Prescience Point Research Group published a report asserting, among other things, that approximately 55% of Cheetah Mobile’s reported consolidated revenue does not exist and Cheetah Mobile uses company-controlled or “fake” accounts on Live.me to gift other users using company money. On this news, shares of Cheetah fell $0.37 per share or over 4% to close at $8.05 per share on October 26, 2017, damaging investors.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than January 8, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-1224.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim or Kevin Chan of Rosen Law Firm toll free at 866-767-3653 or via email at [email protected] or [email protected].
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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