Glancy Prongay & Murray LLP (GPM), a global investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired Cheetah Mobile Inc. (Cheetah or the Company) (NYSE: CMCM) securities between April 21, 2015 and November 27, 2018, inclusive (the Class Period). Cheetah investors have until January 29, 2019 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On November 26, 2018, BuzzFeed News reported that certain Cheetah apps were exploiting user permissions as part of an ad fraud scheme. Specifically, the article claimed that certain Cheetah apps tracked when users downloaded new apps and used this data to inappropriately claim credit for having caused the download. On this news, Cheetahs share price fell $3.32 per share or nearly 37% over the next two trading days to close at $5.48 per share on November 27, 2018, thereby injuring investors.
The complaint filed in this class action alleges that, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Cheetah Mobiles apps had undisclosed imbedded features which tracked when users downloaded new apps; (2) Cheetah Mobile used this data to inappropriately claim credit for having caused the downloads; (3) the foregoing features, when discovered, would foreseeably subject Cheetah Mobiles apps to removal from the Google Play store; (4) accordingly, Cheetah Mobiles revenues during the relevant period were in part the product of improper conduct and thus unsustainable; and (5) as a result, Cheetah Mobiles public statements were materially false and misleading at all relevant times.
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If you purchased shares of Cheetah during the Class Period you may move the Court no later than January 29, 2019 to ask the Court to appoint you as lead plaintiff. To be a member of the Class 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. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, 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 [email protected], 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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