NEW YORK, Dec. 22, 2020 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of those who acquired ACM Research, Inc. (“ACM Research” or the “Company”) (NASDAQ: ACMR) securities during the period from March 6, 2019 through 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.
The lawsuit 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.
On October 8, 2020, analyst J Capital Research (“J Capital”) published a report concerning ACM Research, in which J Capital concluded that ACM Research “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 Research’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 Research’s stock price fell $1.09 per share, or approximately 1.52%, from $71.88 per share to close at $70.79 per share on October 8, 2020.
If you purchased or otherwise acquired ACM Research securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
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Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-371-6600
https://www.kmllp.com
investigations@kmllp.com