NEW YORK, NY / ACCESSWIRE / December 11, 2017 / Pomerantz LLP is investigating claims on behalf of investors of Cheetah Mobile Inc. (“Cheetah” or the “Company”) (NYSE: CMCM). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Cheetah and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On October 26, 2017, Prescience Point Research Group published a report asserting, among other things, that: (1) approximately 55% of Cheetah’s second quarter 2017 consolidated revenue does not exist; and (2) the Company uses company-controlled or “fake” accounts on the mobile application Live.me to gift other users using Company money.
On this news, Cheetah’s American depositary receipt price fell $0.37, or 4.39%, to close at $8.05 on October 26, 2017.
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.
SOURCE: Pomerantz LLP