NEW YORK, Dec. 23, 2020 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against ACM Research, Inc. (“ACM” or the “Company”) (NASDAQ: ACMR) in the United States District Court for the Northern District of California on behalf of those who purchased or acquired the securities of ACM between March 6, 2019 and October 7, 2020, inclusive (the “Class Period”). The lawsuit seeks to recover damages for ACM investors under the federal securities laws.
The Complaint alleges Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose 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’ statements about ACM’s business, operations, and prospects lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
Investors who purchased or otherwise acquired shares of ACM during the Class Period should contact the Firm prior to the February 19, 2021 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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