According to the Complaint, AXT, Inc. describes itself as a “worldwide materials science company that develops and produces high-performance compound and single element semiconductor substrates, also known as wafers.

The Complaint alleges that Defendants throughout the Class Period made materially false and/or misleading statements and/or failed to disclose that: (1) AXT, Inc. overstated its property holdings; (2) the Company did not disclose that the attempted listing of an AXT, Inc. subsidiary in China had reportedly failed; (3) AXT, Inc. routinely engaged in environmental violations and unsafe business practices; (4) AXT’s production declined in 2023; and (5) as a result, Defendants’ statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all times.

On May 8, 2024, the Court issued an Order transferring the case to the Northern District of California. The case transferred in on May 10 under Docket 24-CV-02778.