The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Cheetah Mobile Inc. (NYSE: CMCM) who purchased shares between April 21, 2015 and November 27, 2018. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
In particular, the Cheetah Mobile lawsuit alleges that (i) Cheetah’s apps had undisclosed embedded 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.
Shareholders have until January 29, 2019 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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