NEW YORK, Jan. 08, 2019 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action
lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of investors that
purchased or otherwise acquired Cheetah Mobile Inc. (“Cheetah” or the “Company”) (NYSE: CMCM) American Depositary Receipts
(“ADR’s”) between April 26, 2017 and November 27, 2018, inclusive (the “Class Period”).
Investors who have incurred losses in the ADR’s of Cheetah Mobile Inc.
are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information
concerning the action on our website, www.whafh.com.
If you have incurred losses in the ADR’s of Cheetah Mobile Inc.,
you may, no later than January 29, 2019, request that the Court
appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Cheetah Mobile
Inc.
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The filed 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:
- Cheetah Mobile’s apps had undisclosed imbedded features which tracked when users downloaded new apps;
- Cheetah Mobile used this data to inappropriately claim credit for having caused the downloads;
- the foregoing features, when discovered, would foreseeably subject Cheetah Mobile’s apps to removal from the Google Play
store;
- accordingly, Cheetah Mobile’s revenues during the relevant period were in part the product of improper conduct and thus
unsustainable; and
- as a result, Cheetah Mobile’s public statements were materially false and misleading at all relevant times.
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.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of
securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The
firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of
this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major
positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case,
please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
Attorney Advertising. Prior results do not guarantee or predict a similar outcome.
