The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Semiconductor Manufacturing International Corporation (OTC: SMICY) who purchased shares between April 23, 2020 and September 26, 2020. The action, which was filed in the United States District Court for the Central District of California, alleges that the Company violated federal securities laws.
In particular, the Semiconductor Manufacturing lawsuit alleges that (1) there was an “unacceptable risk” that equipment supplied to SMIC would be used for military purposes; (2) SMIC was foreseeably at risk of facing U.S. restrictions; (3) as a result of restrictions by the U.S. Department of Commerce, certain of SMIC’s suppliers would need “difficult-to-obtain” individual export licenses; and (4) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.
Shareholders have until February 8, 2021 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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