NEW YORK, Dec. 22, 2020 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against ACM Research, Inc. (“ACM” or the “Company”) (NASDAQ: ACMR) and certain of its officers. The class action, filed in United States District Court for the Northern District of California, and docketed under 20-cv-09241, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired ACM securities between March 6, 2019 and October 7, 2020, inclusive (the “Class Period”). Plaintiff seeks to pursue remedies against ACM and certain of the Company’s current and former senior executives under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”), and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased ACM securities during the Class Period, you have until February 19, 2021 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
ACM, 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, operational, and compliance policies. Specifically, 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 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.”
On 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 Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
SOURCE Pomerantz LLP