Glancy Prongay & Murray LLP Announces Extended Class Period in Securities Class Action on Behalf of Cheetah Mobile Inc. Investors (CMCM)
LOS ANGELES--(BUSINESS WIRE)--Jan 23, 2019--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.
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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, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Cheetah Mobile’s 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 Mobile’s apps to removal from the Google Play store; (4) accordingly, Cheetah Mobile’s revenues during the relevant period were in part the product of improper conduct and thus unsustainable; and (5) as a result, Cheetah Mobile’s 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 firstname.lastname@example.org, 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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View source version on businesswire.com:https://www.businesswire.com/news/home/20190123005904/en/
CONTACT: Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
KEYWORD: UNITED STATES NORTH AMERICA PENNSYLVANIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Glancy Prongay & Murray LLP
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PUB: 01/23/2019 09:57 PM/DISC: 01/23/2019 09:57 PM