INVESTOR ALERT: Kirby McInerney LLP Reminds Investors That a Class Action Lawsuit Has Been Filed Against Cheetah Mobile, Inc.
December 05 2018 - 08:30PM
Business Wire
The law firm of Kirby McInerney LLP reminds investors that a
class action lawsuit has been filed in the U.S. District Court for
the Southern District of New York on behalf of all persons or
entities who acquired Cheetah Mobile, Inc. (“Cheetah Mobile”)
(NYSE: CMCM) securities between April 26, 2017 and November 27,
2018 (the “Class Period”). Investors have until January 29,
2019 to apply to the Court to be appointed as lead plaintiff in the
lawsuit.
The lawsuit alleges that (1) Cheetah Mobile’s apps had
undisclosed embedded features which tracked when users downloaded
new apps; (2) the Company used this data to inappropriately claim
credit for having caused the downloads; (3) the foregoing features,
when discovered, would foreseeably subject the Company’s apps to
removal from the Google Play store; and (4) accordingly, Cheetah
Mobile’s Class Period revenues were in part the product of improper
conduct and thus unsustainable.
On November 26, 2018, BuzzFeed News reported that certain
Cheetah apps then available in the Google Play store were
exploiting user permissions as part of an ad fraud scheme. On this
news, Cheetah Mobile shares fell $3.32, or approximately 37%, over
the next two trading days, to close at $5.48 on November 27,
2018.
If you acquired Cheetah Mobile securities, have information, or
would like to learn more about these claims, please contact Thomas
W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at
investigations@kmllp.com, or by filling out this contact form, to
discuss your rights or interests with respect to these matters
without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm
concentrating in securities, antitrust, and whistleblower
litigation. The firm’s efforts on behalf of shareholders in
securities litigation have resulted in recoveries totaling billions
of dollars. Additional information about the firm can be found at
Kirby McInerney LLP’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20181205005894/en/
Kirby McInerney LLPThomas W. Elrod, Esq., (212)
371-6600investigations@kmllp.comwww.kmllp.com
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