Lawsuit filed for Investors in shares of Semiconductor Manufacturing International Corporation (OTC: SMICY)

An investor, who purchased shares of Semiconductor Manufacturing International Corporation (OTC: SMICY), filed a lawsuit over alleged Securities Laws violations by Semiconductor Manufacturing International Corporation in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Semiconductor Manufacturing International Corporation (OTC: SMICY) have certain options and for certain investors are short and strict deadlines running. Deadline: February 8, 2021. OTC: SMICY investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

China based Semiconductor Manufacturing International Corporation, an investment holding company, engages in the computer-aided design, manufacture, testing, packaging, and trading of integrated circuits (IC) and other semiconductor services. Semiconductor Manufacturing International Corporation reported that its annual Total Revenue declined from over 3.35 billion in 2018 to over 3.11 billion in 2019, and that its EBIT increased from 135.46 million in 2018 to 245.73 million in 2019.

On September 7, 2020, after market hours, it was reported that “The Trump administration is considering whether to add China’s top chipmaker SMIC to a trade blacklist, a Defense Department official said[.]”
On September 26, 2020, it was reported that “The United States has imposed restrictions on exports to China’s biggest chip maker SMIC after concluding there is an ‘unacceptable risk’ equipment supplied to it could be used for military purposes.”

Shares of Semiconductor Manufacturing International Corporation (OTC: SMICY) declined from $26.65 per share on July 6, 2020 to as low as $11.29 per share on September 30, 2020.

The plaintiff claims that between April 23, 2020 and September 26, 2020, the defendants made false and/or misleading statements and/or failed to disclose that there was an “unacceptable risk” that equipment supplied to SMIC would be used for military purposes, that SMIC was foreseeably at risk of facing U.S. restrictions, that as a result of restrictions by the U.S. Department of Commerce, certain of SMIC’s suppliers would need “difficult-to-obtain” individual export licenses, and that as a result, defendants’ public statements were materially false and/or misleading at all relevant times.

Those who purchased shares of Semiconductor Manufacturing International Corporation (OTC: SMICY) 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.

This release was published on openPR.