NEW YORK–(BUSINESS WIRE)–Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of investors that purchased ACM Research, Inc. (NASDAQ: ACMR) securities between March 6, 2019 and October 7, 2020 (the “Class Period”). Investors have until February 19, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Click here to participate in the action.
On October 8, 2020, analyst J Capital Research (“J Capital”) published a report concerning ACM, in which J Capital concluded that ACM “is a fraud, over-reporting both revenue and profit.” The report cited, among other things, J Capital’s visits to “sites in China, Korea, and California” and “more than 40 interviews.” J Capital asserted that “[w]hat real profit the company has is apparently being siphoned off to related parties.” The J Capital report concluded that ACM’s revenue was overstated by 15-20% and claimed to have “evidence that undisclosed related parties are diverting revenue and profit from the company.”
Following this news, ACM’s stock price fell $1.09 per share, or 1.52%, to close at $70.79 per share on October 8, 2020.
The complaint, filed on December 21, 2020, alleges that throughout the Class Period defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose 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.
If you purchased ACM Research securities during the Class Period and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at email@example.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.