The Law Offices of Frank R. Cruz announces an investigation on behalf of Cheetah Mobile Inc. ("Cheetah Mobile" or "the Company") (NYSE: CMCM) investors concerning the Company and its officers’ possible violations of federal securities laws.
If you are a shareholder who suffered a loss, click here to participate.
On February 21, 2020, the Company disclosed that its Google Play Store, Google AdMob and Google AdManager accounts were disabled on February 20, 2020 "because some of the Company's apps had not been compliant with Google policies, resulting in certain invalid traffic."
On this news, the Company's share price fell $0.61, or nearly 17%, to close at $2.99 per share on February 21, 2020, thereby injuring investors.
On June 10, 2020, Cheetah Mobile issued a press release to announce its first quarter 2020 financial results. Therein, the Company reported that revenues for its mobile utility product business "decreased by 62.6% year over year to RMB54.3 million in first quarter of 2020 . . . mainly due to the suspension of the Company's advertising collaborations with Google."
On this news, the Company's share price fell $0.25, or more than 7%, over two consecutive trading sessions to close at $3.10 per share on June 11, 2020, thereby injuring investors further.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased Cheetah Mobile securities, 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200623005264/en/
Copyright Business Wire 2020