BENSALEM, Pa., Jan. 25, 2021 /PRNewswire/ -- Law Offices of Howard G. Smith reminds investors of the upcoming February 19, 2021 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased ACM Research, Inc. ("ACM Research" or the "Company") (NASDAQ: ACMR) securities between March 6, 2019 and October 7, 2020, inclusive (the "Class Period").
Investors suffering losses on their ACM Research investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
On October 8, 2020, J Capital Research issued a report alleging, among other things, that the Company is "over-reporting both revenue and profit." Citing site visits and more than 40 interviews, the report stated that "[w]hat real profit the company has is apparently being siphoned off to related parties." The report also concluded revenue is overstated by 15-20% and claimed to have "evidence that undisclosed related parties are diverting revenue and profit from the company."
On this news, the Company's stock price fell $1.09, or 1.52%, to close at $70.79 per share on October 8, 2020, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company's revenue and profits had been diverted to undisclosed related parties; (2) accordingly, the Company had materially overstated its revenues and profits; and (3) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired ACM Research securities during the Class Period, you may move the Court no later than February 19, 2021 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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SOURCE Law Offices of Howard G. Smith