LOS ANGELES, Jan. 22, 2019 (GLOBE NEWSWIRE) -- The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Cheetah Mobile Inc. (“Cheetah Mobile” or “the Company”) (NYSE: CMCM) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's shares between April 26, 2017 and November 27, 2018, inclusive (the ''Class Period''), are encouraged to contact the firm before January 29, 2019.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall, or Sherin Mahdavian, of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at brian@schallfirm.com.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Cheetah Mobile’s apps were built with a feature to track new apps downloaded by consumers without their knowledge. The Company improperly claimed credit for the consumer’s decision to download other apps based on the data it gathered. This fraudulent behavior was likely to get Cheetah Mobile apps removed from the Google Play store. Cheetah Mobile’s revenue during the class period was in part based on this fraudulent activity and therefore unsustainable. Based on these facts, the Company’s public statements throughout the class period were false and materially misleading. When the market learned the truth about Cheetah Mobile, investors suffered damages.
Join the case to recover your losses.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.
CONTACT:
The Schall Law Firm
Brian Schall, Esq.,
Sherin Mahdavian, Esq.,
www.schallfirm.com
310-301-3335
info@schallfirm.com
SOURCE:
The Schall Law Firm