Deadline Reminder: The Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Cheetah Mobile Inc. (CMCM)
BENSALEM, Pa., Jan. 16, 2019 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith reminds investors of the January 29, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased Cheetah Mobile Inc. (“Cheetah” or the “Company”) (NYSE: CMCM ) securities between April 26, 2017 and November 27, 2018, inclusive (the “Class Period”).
Investors suffering losses on their Cheetah investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
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 or nearly 37% over the next two trading days to close at $5.48 per share on November 27, 2018, thereby injuring investors.
The complaint filed in this class action alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Cheetah Mobile’s apps had undisclosed imbedded features which tracked when users downloaded new apps; (2) Cheetah Mobile used this data to inappropriately claim credit for having caused the downloads; (3) the foregoing features, when discovered, would foreseeably subject Cheetah Mobile’s apps to removal from the Google Play store; (4) accordingly, Cheetah Mobile’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.
If you purchased shares of Cheetah during the Class Period you may move the Court no later than January 29, 2019 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.