LOS ANGELES, CA / ACCESSWIRE / July 24, 2020 / The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class-action lawsuit against Cheetah Mobile Inc. ("Cheetah" or "the Company") (NYSE:CMCM) for violations of 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's securities between March 25, 2019 and February 20, 2020, inclusive (the ''Class Period'') are encouraged to contact the firm before August 24, 2020.
If you are a shareholder who suffered a loss, click here to participate.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Cheetah's apps failed to maintain compliance with agreements with Google. Based on this compliance failure, it was reasonably likely that Google would terminate advertising contracts with the Company. This would, in turn, lead to a decline in revenue. Based on the facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about Cheetah, investors suffered damages.
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The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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SOURCE: The Schall Law Firm