LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming August 25, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of Cheetah Mobile, Inc. ("Cheetah Mobile" or the "Company") (NYSE: CMCM) investors who purchased securities between March 25, 2019 and February 20, 2020, inclusive (the “Class Period”).
If you suffered a loss on your Cheetah Mobile investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/cheetah-mobile-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.
On February 21, 2020, before the market opened, Cheetah Mobile disclosed that its Google Play Store, Google AdMob, and Google AdManager accounts were disabled on February 20, 2020 “because some of the Company’s apps had not been compliant with Google policies, resulting in certain invalid traffic.”
On this news, the Company’s share price fell $0.61, or nearly 17%, to close at $2.99 per share on February 21, 2020, on unusually heavy trading volume.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that certain of Cheetah Mobile’s apps were not compliant with the terms of its agreements with Google; (2) that, as a result there was a reasonable likelihood that Google would terminate its advertising contracts with the Company; (3) that, as a result of the foregoing, the Company’s ability to attract new users would be adversely impacted; (4) that, as a result, the Company’s revenue was reasonably likely to decline; and (5) that as a result, Defendants’ statements about the Company’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired Cheetah Mobile securities during the Class Period, you may move the Court no later than August 25, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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