NEW YORK, Feb. 04, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in China Techfaith Wireless Communication Technology Limited ("China Techfaith" or the "Company")(NASDAQ: CNTF ) of the March 11, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in China Techfaith stock or options between July 12, 2018 and December 19, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/CNTF. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com .
CONTACT: FARUQI & FARUQI, LLP 685 Third Avenue, 26th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. rgonnello@faruqilaw.com Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all those who purchased China Techfaith securities between July 12, 2018 and December 19, 2018 (the "Class Period"). The case, Thomas v. Dong et al. , No. 19-cv-00134 was filed on January 8, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) China Techfaith’s agreement to sell its wholly-owned subsidiary would not be as lucrative as it led investors to believe; (2) China Techfaith failed to adequately disclose that changing market conditions would negatively impact profitability; and (3) consequently, the Company's statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On December 20, 2018, before the market opened, China Techfaith issued a press release stating, among other things, that operating expenses for the first half of 2018 more than quintupled as compared to the same period of last year.
On this news, China Techfaith's share price fell from $1.66 per share on December 19, 2018 to a closing price of $1.07 on December 20, 2018: a $0.59 or a 35.54% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding China Techfaith's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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