According to the Complaint, ACM Research, Inc. together with its subsidiaries develops, manufactures, and sells single-wafer wet cleaning equipment for enhancing the manufacturing process and yield for integrated chips worldwide. The Company markets and sells its products under the Ultra C brand name through a direct sales force and third-party representatives.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements, and failed to disclose material adverse facts about the Company's business, operations, and compliance policies. Specifically, the Complaint alleges Defendants made false and/or misleading statements and failed to disclose to investors that: (i) the Company's revenue and profits had been diverted to undisclosed related parties; (ii) accordingly, the Company had materially overstated its revenues and profits; and (iii) as a result, the Company's public statements were materially false and misleading at all relevant times.

On April 29, 2021, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on May 6. Defendants filed a Motion to Dismiss the amended Complaint on May 27. On September 9, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint. On October 7, Lead Plaintiff filed a second amended Complaint. Defendants filed a Motion to Dismiss the second amended Complaint on October 21. On December 20, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint. Plaintiff determined not to further amend the Complaint, and on January 10, 2022, the parties voluntarily dismissed the case.