NEW YORK–(BUSINESS WIRE)–$CMCM #cheetahmobile—Scott+Scott
Attorneys at Law LLP (“Scott+Scott”), a national shareholder and
consumer rights litigation firm, is notifying investors that a class
action lawsuit has been filed against Cheetah Mobile Inc. (“Cheetah” or
the “Company”) (NYSE:CMCM) and other defendants, related to alleged
violations of federal securities laws. If you purchased Cheetah securities
between April 26, 2017, and November 27, 2018, you are encouraged to
contact a Scott+Scott attorney at (844) 818-6982 for more information.
Cheetah is a mobile Internet company with global market coverage. It has
attracted hundreds of millions of monthly active users through its
mobile utility products such as Clean Master and Cheetah Keyboard,
casual games such as Piano Tiles 2, Bricks n Balls, and the live
streaming product LiveMe.
The lawsuit alleges that defendants made false and/or misleading
statements and/or failed to disclose that: (1) Cheetah’s apps had
undisclosed imbedded features which tracked when users downloaded new
apps; (2) Cheetah used this data to inappropriately claim credit for
having caused the downloads; (3) the foregoing features, when
discovered, would foreseeably subject Cheetah’s apps to removal from the
Google Play store; (4) accordingly, Cheetah’s revenues during the
relevant period were in part the product of improper conduct and thus
unsustainable; and (5) as a result, Cheetah Mobile’s public statements
were materially false and misleading at all relevant times.
On November 26, 2018, BuzzFeed News reported that certain Cheetah apps
were exploiting user permissions as part of an ad fraud scheme.
Specifically, the article claimed that certain Cheetah apps “tracked
when users downloaded new apps and used this data to inappropriately
claim credit for having caused the download.”
On this news, Cheetah’s share price fell $3.32 per share – nearly 37% –
over the next two trading days to close at $5.48 per share on November
What You Can Do
If you purchased Cheetah securities between April 26, 2017, and
November 27, 2018, inclusive, or if you have questions about this
notice or your legal rights, please contact attorney Joe Pettigrew at
(844) 818-6982, or at [email protected].
The lead plaintiff deadline is January 29, 2019.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities,
antitrust, and employee retirement plan actions throughout the United
States. The firm represents pension funds, foundations, individuals, and
other entities worldwide with offices in New York, London, Connecticut,
California, and Ohio.