NEW YORK, NY / ACCESSWIRE / April 11, 2024 / Levi & Korsinsky notifies investors that it has commenced an investigation of AXT, Inc. ("AXT, Inc.") (NASDAQ:AXTI) concerning possible violations of federal securities laws.
J Capital Research published a report concerning AXT, Inc. on April 4, 2024. As per the report, "AXTI is listed in the U.S., but its business operations are almost all conducted through a subsidiary in China. AXTI wants to list that subsidiary in Shanghai to capture new financing. But the listing prospectus attracted unexpected scrutiny and unveiled a plethora of undisclosed issues in China." Further stating, "We have uncovered a deluge of reasons why Chinese regulators potentially blocked this IPO, including falsifying data, tax evasion, improper storage of hazardous chemicals, suspicious related-party transactions, IP litigation, and defaulting on litigation, and defaulting on wages to employees."
Following this news, the Company's share price dropped over 17% the same day. To obtain additional information, go to:
https://zlk.com/pslra-1/axt-inc-lawsuit-submission-form?prid=75273&wire=1
or contact Joseph E. Levi, Esq. either via email at [email protected] or by telephone at (212)363-7500.
WHY LEVI & KORSINSKY: Over the past 20 years, Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States. Attorney Advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 17th Floor
New York, NY 10004
[email protected]
Tel: (212)363-7500
Fax: (212)363-7171
https://zlk.com/
SOURCE: Levi & Korsinsky, LLP