NEW YORK--(BUSINESS WIRE)--WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of AXT, Inc. (NASDAQ: AXTI) resulting from allegations that AXT, Inc. may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased AXT securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=24168 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action.
WHAT IS THIS ABOUT: On April 4, 2024, J Capital Research released a report about AXT, Inc. (the “Report”). The Report stated that, in order to capture new financing, AXT had tried to conduct an IPO for one of its subsidiaries in China. However, undisclosed to American investors, the Report stated that “IPO has apparently been blocked by Chinese regulators.” J Capital Research then announced that it had “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 wages to employees.”
On this news, the price of AXT stock fell by $1.73 per share, or 34.94%, to close at $3.22 on April 4, 2024. The next day, it fell a further $0.11, or 3.4%, to close at $3.11.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
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