SHAREHOLDER ALERT: Cheetah Mobile Sued for Securities Fraud; Block & Leviton Encourages Investors Who Lost Money To Contact the Firm
BOSTON, MA / ACCESSWIRE / June 26, 2020 / Block & Leviton LLP (www.blockesq.com), a national securities litigation firm, announces that a class-action lawsuit on behalf of shareholders has been filed against Cheetah Mobile, Inc. (NYSE:CMCM) and certain of its officers for violations of the federal securities laws. Investors who purchased Cheetah Mobile shares between March 25, 2019 and February 20, 2020 may be able to recover some of their losses and are encouraged to contact the firm for a free case evaluation.
The lawsuit, filed in the U.S. District Court for the Central District of California, alleges that before the markets opened on February 21, 2020, Cheetah Mobile disclosed that its Google Play Store, Google AdMob, and Google AdManager accounts were disabled "because some of the Company's apps had not been compliant with Google policies, resulting in certain invalid traffic." The Company further announced that Google had terminated the associated contracts for these accounts. For the first three quarters of 2019, Cheetah Mobile had generated 22.6% of its total revenues from Google. On this news, the price of Cheetah Mobile shares plummeted approximately 17%, to close at just $2.99 per share on February 21, 2020.
If you purchased or acquired shares of Cheetah Mobile between March 25, 2019 and February 20, 2020 and have questions about your legal rights or possess information relevant to this matter, please contact Block & Leviton attorneys at (617) 398-5600, via email at [email protected], or at https://shareholder.law/cheetah. The deadline to move the Court to be appointed lead plaintiff is August 24, 2020.
Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country's financial markets. The firm represents many of the nation's largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm's lawyers have recovered billions of dollars for its clients.
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BLOCK & LEVITON LLP
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Phone: (617) 398-5600
Email: [email protected]
SOURCE: Block & Leviton LLP