NEW YORK--(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 firstname.lastname@example.org, 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.
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