According to the Complaint, Semiconductor Manufacturing International Corporation (“SMIC” or the “Company”) purports to be an investment holding company principally engaged in the computer-aided design, manufacture, testing, packaging and trading of integrated circuits (“IC”), as well as the provision of other semiconductor services. The Company is also involved in the design and manufacture of semiconductor masks and various types of wafers. The Company distributes its products in China and to overseas markets.

The Complaint alleges Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) there was an “unacceptable risk” that equipment supplied to SMIC would be used for military purposes; (2) SMIC was foreseeably at risk of facing U.S. restrictions; (3) as a result of restrictions by the U.S. Department of Commerce, certain of SMIC’s suppliers would need “difficult-to-obtain” individual export licenses; and (4) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.

On March 18, 2021, the Court issued an Order consolidating related actions and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 20-CV-11219.

Lead Plaintiff filed a consolidated amended Complaint on May 21, 2022. Defendants filed a Motion to Dismiss the consolidated amended Complaint on July 20. On November 18, the Court granted Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint.

Lead Plaintiff filed a second consolidated amended Complaint on January 7, 2022. Defendants filed a Motion to Dismiss the second consolidated amended Complaint on February 25. On June 7, the Court issued a tentative ruling on Defendants' Motion to Dismiss. On June 9, the Court adopted its tentative ruling as its final decision on the Motion and granted the Motion to Dismiss without leave to amend. Lead Plaintiff filed a Notice appealing the Court's Dismissal Order on July 8.

On September 27, 2023, the Court of Appeals affirmed the District Court's Dismissal Order.