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Lawsuit filed for Investors in shares of Cheetah Mobile Inc (ADR) (NYSE: CMCM)

07-03-2020 04:03 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Cheetah Mobile Inc (ADR) (NYSE: CMCM) shares over alleged securities laws violations

A lawsuit was filed on behalf of investors in Cheetah Mobile Inc (ADR) (NYSE: CMCM) shares over alleged securities laws violations

An investor, who purchased shares of Cheetah Mobile Inc (ADR) (NYSE: CMCM), filed a lawsuit over alleged violations of Federal Securities Laws by Cheetah Mobile Inc in connection with certain allegedly false and misleading statements made between March 25, 2019 and February 20, 2020.

Investors, who purchased shares of Cheetah Mobile Inc (ADR) (NYSE: CMCM), have certain options and for certain investors are short and strict deadlines running. Deadline: August 25, 2020. NYSE: CMCM investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On February 21, 2020, Cheetah Mobile Inc 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 June 10, 2020, Cheetah Mobile issued a press release to announce its first quarter 2020 financial results. Therein, the Company reported that revenues for its mobile utility product business “decreased by 62.6% year over year to RMB54.3 million in first quarter of 2020 . . . mainly due to the suspension of the Company’s advertising collaborations with Google.”

The plaintiff claims that between March 25, 2019 and February 20, 2020, the Defendants failed to disclose to investors that certain of Cheetah Mobile’s apps were not compliant with the terms of its agreements with Google, that, as a result there was a reasonable likelihood that Google would terminate its advertising contracts with the Company, that, as a result of the foregoing, the Company’s ability to attract new users would be adversely impacted, that, as a result, the Company’s revenue was reasonably likely to decline, and 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.

Those who purchased shares of Cheetah Mobile Inc (ADR) (NYSE: CMCM) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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