NEW YORK, Dec. 7, 2018 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Cheetah Mobile Inc. ("Cheetah" or the "Company") (NYSE: CMCM). Investors who purchased Cheetah securities between April 26, 2017 and November 27, 2018 (the "Class Period") may be affected. A complaint has been filed in the United States District Court for the Southern District of New York against Cheetah, the Company's CEO, and its CFO on behalf of investors of Cheetah securities during the Class Period.
According to the complaint, Cheetah is a mobile Internet company with global market coverage that 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.
According to the complaint, throughout the Class Period, Cheetah made materially false and misleading statements regarding its business, operations, and compliance policies. Then, on November 26, 2018, BuzzFeed News reported that Cheetah's popular Android apps had been committing ad fraud behind users' backs and that eight Cheetah apps then available in the Google Play store were exploiting user permissions to generate fake traffic and steal advertisers' money. Specifically, Cheetah's apps "tracked when users downloaded new apps and used this data to inappropriately claim credit for having caused the download." Reportedly, two of Cheetah's apps were removed from the Google Play store after publication of the BuzzFeed News article.
Following the news, the price of Cheetah's American Depositary Receipts ("ADRs") fell $3.32 per ADR, more than 37%, over the next two trading days, to close at $5.48 per ADR on November 27, 2018.
If you are a member of the proposed Class, you may move the court no later than January 29, 2019 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing email@example.com or by calling 800-290-1952.
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Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, the action, your rights, or your interests, please contact:
Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
Fax: (212) 687-7714
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California 94104
Fax: (415) 772-4707
SOURCE Kaplan Fox & Kilsheimer LLP