NEW YORK, Jan. 21, 2019 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against purchasers Cheetah Mobile Inc. ("Cheetah" or the "Company") (NYSE: CMCM) and its directors, on behalf of shareholders who purchased Cheetah securities between April 26, 2017, and November 27, 2018, inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/cmcm .
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The complaint alleges that defendants made false and misleading statements and 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 the Company’s apps to removal from the Google Play store; (4) accordingly, Cheetah’s Class Period revenues were in part the product of improper conduct and thus unsustainable; and (5) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On November 26, 2018, BuzzFeed News reported that certain Cheetah apps then available in the Google Play store were exploiting user permissions as part of an ad fraud scheme. The BuzzFeed News article stated that Cheetah’s apps “tracked when users downloaded new apps and used this data to inappropriately claim credit for having caused the download.” BuzzFeed News reported that two of Cheetah’s apps were removed from the Google Play store after publication of the article. On this news, Cheetah’s American depositary receipt (“ADR”) price fell $3.32, or nearly 37%, over the next two trading sessions, closing at $5.48 on November 27, 2018.
If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/cmcm or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Cheetah you have until January 29, 2019 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact: Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz 212-697-6484 | info@bgandg.com
