Case Page

 

Case Status:    DISMISSED    
On or around 10/22/2018 (Ongoing date of last review)

Filing Date: November 08, 2017

Cheetah Mobile operates a platform that offers mobile and personal computer applications for its users and global content promotional channels. The Company is incorporated in Cayman Islands and its principal
executive offices are located in Beijing, People’s Republic of China. The Company’s subsidiary, Live.Me America Inc. maintains an office in West Hollywood, California. The Company’s securities are traded on the New York Stock Exchange (“NYSE”) under the ticker symbol “CMCM.”

According to the law firm press release, Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Cheetah Mobile is using company-controlled accounts to inflate the gifting on Live.me; (2) Cheetah Mobile overstated its revenue; and (3) as a result, Cheetah Mobile’s public statements were materially false and misleading at all relevant times. On October 26, 2017, Prescience Point Research Group published a report asserting, among other things, that approximately 55% of Cheetah Mobile’s reported consolidated revenue does not exist and Cheetah Mobile uses company-controlled or “fake” accounts on Live.me to gift other users using company money. On this news, shares of Cheetah fell $0.37 per share or over 4% to close at $8.05 per share on October 26, 2017, damaging investors.

Plaintiff filed an amended Complaint on February 15, 2018. On March 22, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on February 15. On March 1, Defendant Cheetah Mobile filed a Motion to Dismiss the amended Complaint. On June 27, the Court issued an Order granting Defendant's Motion to Dismiss the amended Complaint. On October 22, Lead Plaintiff filed a notice of voluntary dismissal of two of the Individual Defendants.

COMPANY INFORMATION:

Sector: Technology
Industry: Software & Programming
Headquarters: China

SECURITIES INFORMATION:

Ticker Symbol: CMCM
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: C.D. California
DOCKET #: 17-CV-08141
JUDGE: Hon. Manuel L. Real
DATE FILED: 11/08/2017
CLASS PERIOD START: 04/26/2017
CLASS PERIOD END: 10/25/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm, P.A. (New Los Angeles)
    355 South Grand Ave, Suite 2450, The Rosen Law Firm, P.A. (New Los Angeles), CA 90071
    (213) 785-2610 (213) 226-4684 ·
No Document Title Filing Date
COURT: C.D. California
DOCKET #: 17-CV-08141
JUDGE: Hon. Manuel L. Real
DATE FILED: 02/15/2018
CLASS PERIOD START: 05/08/2014
CLASS PERIOD END: 10/25/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm, P.A.
    333 South Grand Avenue, 25th Floor, The Rosen Law Firm, P.A., CA 90071
    213.785.2610 213.226-4684 ·
No Document Title Filing Date
—Related District Court Filings Data is not available