Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against ACM Research, Inc. (ACMR)
LOS ANGELES, Ca., Jan. 22, 2021 /PRNewswire/ -- Glancy Prongay & Murray LLP ("GPM") reminds investors of the upcoming February 19, 2021 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired ACM Research, Inc. ("ACM Research" or the "Company") (NASDAQ: ACMR) securities between March 6, 2019 and October 7, 2020, inclusive (the "Class Period").
If you suffered a loss on your ACM Research investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/acm-research-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.
On October 8, 2020, J Capital Research issued a report alleging, among other things, that the Company is "over-reporting both revenue and profit." Citing site visits and more than 40 interviews, the report stated that "[w]hat real profit the company has is apparently being siphoned off to related parties." The report also concluded revenue is overstated by 15-20% and claimed to have "evidence that undisclosed related parties are diverting revenue and profit from the company."
On this news, the Company's stock price fell $1.09, or 1.52%, to close at $70.79 per share on October 8, 2020, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company's revenue and profits had been diverted to undisclosed related parties; (2) accordingly, the Company had materially overstated its revenues and profits; and (3) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired ACM Research securities during the Class Period, you may move the Court no later than February 19, 2021 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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SOURCE Glancy Prongay & Murray LLP
