NEW YORK, Nov. 30, 2018 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Cheetah
Mobile Inc. (“Cheetah” or the “Company”) (NYSE: CMCM) and certain of its officers. The class action, filed in United States
District Court, Southern District of New York, and indexed under 18-cv-0XXXXX, is on behalf of a class consisting of all persons
and entities, other than Defendants and their affiliates, who purchased or otherwise, acquired Cheetah securities between April 26,
2017, and November 27, 2018, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations
of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the
“Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased Cheetah securities between April 26, 2017, and November 27, 2018, both
dates inclusive, you have until January 29, 2019, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of
the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who
inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
[Click here to join this class action]
Cheetah is a mobile Internet company with global market coverage. It has attracted hundreds of millions of
monthly active users through its mobile utility products such as Clean Master and Cheetah Keyboard, casual games such as Piano
Tiles 2, Bricks n Balls, and the live streaming product LiveMe.
The Company provides its advertising customers, which include direct advertisers and mobile advertising networks
through which advertisers place their advertisements, with direct access to highly targeted mobile users and global promotional
channels. The Company also provides value-added services to its mobile application users through the sale of in-app virtual items
on selected mobile products and games.
Throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s
business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to
disclose that: (i) Cheetah’s apps had undisclosed imbedded features which tracked when users downloaded new apps; (ii) Cheetah used
this data to inappropriately claim credit for having caused the downloads; (iii) the foregoing features, when discovered, would
foreseeably subject the Company’s apps to removal from the Google Play store; (iv) accordingly, Cheetah’s Class Period revenues
were in part the product of improper conduct and thus unsustainable; and (v) as a result, the Company’s public statements were
materially false and misleading at all relevant times.
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. The BuzzFeed News article stated that Cheetah’s
apps “tracked when users downloaded new apps and used this data to inappropriately claim credit for having caused the download.”
BuzzFeed News reported that two of Cheetah’s apps were removed from the Google Play store after publication of the
article.
On this news, Cheetah’s American depositary receipt (“ADR”) price fell $3.32, or nearly 37%, over the next two
trading sessions, closing at $5.48 on November 27, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the
premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz,
known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80
years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities
fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on
behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 9980
