According to the Complaint, China Techfaith Wireless Communication Technology Limited purports to engage in the design and development of specialized mobile handsets for consumers and enterprises in the People’s Republic of China and internationally.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) China Techfaith’s agreement to sell its wholly owned subsidiary would not be as lucrative as it led investors to believe; (2) China Techfaith failed to adequately disclose that changing market conditions would negatively impact profitability; and (3) as a result, Defendants’ statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

On May 2, 2019, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on July 24. Defendants filed a Motion to Dismiss the amended Complaint on June 30, 2020. On July 7, 2021, the Court issued an Order granting Defendants' Motion to Dismiss.