Cheetah Mobile Inc (ADR) (NYSE: CMCM) Investor Securities Class Action Lawsuit 11/30/2018

If you purchased shares of Cheetah Mobile Inc (ADR) (NYSE: CMCM), you have certain options and for certain investors are short and strict deadlines running. Deadline: January 29, 2019. NYSE: CMCM investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Cheetah Mobile
Case Name: 
Cheetah Mobile Shareholder Class Action Lawsuit 11/30/2018
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: CMCM
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
11/30/2018
Class Period Begin: 
04/26/2017
Class Period End: 
11/27/2018
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
01/29/2019
Summary: 

An investor in shares of Cheetah Mobile Inc (ADR) (NYSE: CMCM) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Cheetah Mobile Inc in connection with certain allegedly false and misleading statements made between April 26, 2017 and November 27, 2018.

On November 26, 2018, it was reported that certain Cheetah Mobile Inc apps found in the Google Play store have been exploiting user permissions as part of an ad fraud scheme. The article stated that Cheetah Mobile’s apps “tracked when users downloaded new apps and used this data to inappropriately claim credit for having caused the download.” According to the article, two of Cheetah Mobile’s apps were removed from the Google Play store after publication of the BuzzFeed article.

Shares of Cheetah Mobile Inc (ADR) (NYSE: CMCM) declined to as low as $5.37 per share on November 27, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Cheetah Mobile Inc (ADR) (NYSE: CMCM) common shares between April 26, 2017 and November 27, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between April 26, 2017 and November 27, 2018, the Defendants made false and/or misleading statements and/or failed to disclose that Cheetah’s apps had undisclosed imbedded features which tracked when users downloaded new apps, that Cheetah used this data to inappropriately claim credit for having caused the downloads, thatthe foregoing features, when discovered, would foreseeably subject the Company’s apps to removal from the Google Play store, that accordingly, Cheetah’s revenues between between April 26, 2017 and November 27, 2018 were in part the product of improper conduct and thus unsustainable, and that as a result, the Company’s public statements were materially false and misleading at all relevant times.