Investors with losses are encouraged to contact the firm before February 19, 2021; click here to submit trade information
LOS ANGELES, Feb. 16, 2021 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of ACM Research, Inc. (NASDAQ: ACMR) investors that acquired shares between March 6, 2019 and October 7, 2020. Investors have until February 19, 2021 to seek an active role in this litigation.
J Capital Research issued a report on October 8, 2020 alleging, among other things, that ACM is “over-reporting both revenue and profit.” Citing site visits as well as more than 40 interviews, it was alleged in the report 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.”
ACM’s stock price fell $1.09 on this news, or 1.52%, to close at $70.79 per share on October 8, 2020, thereby injuring investors.
It is alleged in the complaint filed in this class action that throughout the Class Period, ACM made materially misleading and/or false statements, as well as failed to disclose material adverse facts about the ACM’s business, operations, and prospects. Specifically, ACM failed to disclose to investors that: (1) revenue and profits had been diverted to undisclosed related parties; (2) ACM’s revenues and profits had been materially overstated; and (3) ACM’s positive statements about the its business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times, as a result.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than February 19, 2021.
Please visit our website to review more information and submit your transaction information.
The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.