NEW YORK, Nov. 29, 2018 /CNW/ -- Pomerantz LLP is investigating claims on behalf of investors of Cheetah Mobile Inc. ("Cheetah Mobile" or the "Company") (NYSE: CMCM). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Cheetah Mobile and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On November 26, 2018, BuzzFeed News reported that certain Cheetah Mobile apps available for download from the Google Play store "have been exploiting user permissions as part of an ad fraud scheme that could have stolen millions of dollars." The BuzzFeed News article stated that Cheetah Mobile's apps "tracked when users downloaded new apps and used this data to inappropriately claim credit for having caused the download."
Following this news, Cheetah Mobile's American depositary receipt price fell $2.68, or 32.84%, to close at $5.48 on November 27, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 9980
SOURCE Pomerantz LLP