Shareholder rights law firm Robbins LLP announces that a purchaser of ACM Research, Inc. (NASDAQ: ACMR) filed a class action complaint against the Company and its officers and directors for alleged violations of the Securities Exchange Act of 1934 between March 6, 2019 and October 7, 2020. ACM Research, with its subsidiaries, develops, manufactures, and sells single-wafer wet cleaning equipment for enhancing the manufacturing process and yield for integrated chips worldwide.
If you suffered a loss due to ACM Research, Inc.'s misconduct, click here.
ACM Research, Inc. (ACMR) Misled Shareholders Regarding the Company's Financial Prospects and Growth
According to the complaint, throughout the relevant period, defendants touted the Company's financial profitability and growth in sales. However, these statements were false and misleading because defendants failed to disclose that the Company had diverted revenues and profits to undisclosed related parties and had materially overstated its revenues and profits.
On October 8, 2020, analyst J Capital Research published a report concluding that ACM Research "is a fraud, over-reporting both revenue and profit." The report concluded that ACM Research's revenue was overstated by 15-20% and claimed to have "evidence that undisclosed related parties are diverting revenue and profit from the company." On this news, ACM Research's stock declined $1.09 per share on October 8, 2020.
If you purchased your shares of ACM Research, Inc. (ACMR) between March 6, 2019 and October 7, 2020, you have until February 19, 2021, to ask the court to appoint you as lead plaintiff for the class.
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