NEW YORK, Oct. 15, 2020 (GLOBE NEWSWIRE) -- Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Semiconductor Manufacturing International Corp. (OTC: SMICY) resulting from allegations that SMIC may have issued materially misleading business information to the investing public.
On September 7, 2020, after market hours, Reuters 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 this news, SMIC’s American depositary receipt (“ADR”) price fell $3.08 per ADR, or over 20%, to close at $12.02 per ADR on September 8, 2020, the next trading day.
On September 26, 2020, Reuters 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.” On this news, SMIC’s ADR price fell $0.57 per ADR, or approximately 4.7%, to close at $11.47 per ADR on September 28, 2020, the next trading day.
Rosen Law Firm is preparing a securities lawsuit on behalf of SMIC shareholders. If you purchased securities of SMIC please visit the firm’s website at http://www.rosenlegal.com/cases-register-1961.html to join the securities action. You may also contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via email at mailto:pkim@rosenlegal.com or cases@rosenlegal.com.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm’s attorneys are ranked and recognized by numerous independent and respected sources. Rosen Law Firm has secured hundreds of millions of dollars for investors.
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Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com