Scott+Scott Attorneys at Law LLP Announces Filing of Securities Class Action Against Cheetah Mobile Inc. (CMCM)
NEW YORK--(BUSINESS WIRE)--Dec 5, 2018--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), a national shareholder and consumer rights litigation firm, is notifying investors that a class action lawsuit has been filed against Cheetah Mobile Inc. (“Cheetah” or the “Company”) (NYSE:CMCM) and other defendants, related to alleged violations of federal securities laws. If you purchased Cheetahsecurities between April 26, 2017, and November 27, 2018, you are encouraged to contact a Scott+Scott attorney at (844) 818-6982 for more information.
Cheetah is a mobile Internet company with global market coverage. It has attracted hundreds of millions of monthly active users through its mobile utility products such as Clean Master and Cheetah Keyboard, casual games such as Piano Tiles 2, Bricks n Balls, and the live streaming product LiveMe.
The lawsuit alleges that defendants made false and/or misleading statements and/or failed to disclose that: (1) Cheetah’s apps had undisclosed imbedded features which tracked when users downloaded new apps; (2) Cheetah used this data to inappropriately claim credit for having caused the downloads; (3) the foregoing features, when discovered, would foreseeably subject Cheetah’s apps to removal from the Google Play store; (4) accordingly, Cheetah’s revenues during the relevant period were in part the product of improper conduct and thus unsustainable; and (5) as a result, Cheetah Mobile’s public statements were materially false and misleading at all relevant times.
On November 26, 2018, BuzzFeed News reported that certain Cheetah apps were exploiting user permissions as part of an ad fraud scheme. Specifically, the article claimed that certain Cheetah apps “tracked when users downloaded new apps and used this data to inappropriately claim credit for having caused the download.”
On this news, Cheetah’s share price fell $3.32 per share – nearly 37% – over the next two trading days to close at $5.48 per share on November 27, 2018.
What You Can Do
If you purchased Cheetah securities between April 26, 2017, and November 27, 2018, inclusive, or if you have questions about this notice or your legal rights, please contact attorney Joe Pettigrew at (844) 818-6982, or at firstname.lastname@example.org. The lead plaintiff deadline is January 29, 2019.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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CONTACT: Joe Pettigrew
Scott+Scott Attorneys at Law LLP
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Scott+Scott Attorneys at Law LLP
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PUB: 12/05/2018 10:52 AM/DISC: 12/05/2018 10:52 AM