BENSALEM, Pa., Jan. 09, 2019 — Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that purchased Cheetah Mobile Inc. (“Cheetah” or the “Company”) (NYSE: CMCM) securities between April 26, 2017 and November 27, 2018, inclusive (the “Class Period”). Cheetah investors have until January 29, 2019 to file a lead plaintiff motion.
Investors suffering losses on their Cheetah investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
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, Cheetah’s 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 Cheetah, a mobile internet company, made false and/or misleading statements and/or failed to disclose that: (1) Cheetah’s mobile apps had embedded features, which were not disclosed, and which tracked when users downloaded new apps; (2) Cheetah improperly used this data to claim credit for having caused the downloads; (3) the foregoing features, when discovered, would foreseeably result in the removal of Cheetah’s apps from the Google Play store; (4) the Company’s Class Period revenues were in part the product of improper conduct and so unsustainable; and (5) Cheetah’s public statements were materially false and misleading at all relevant times.
If you purchased shares of Cheetah, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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