RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased ACM Research, Inc. ("ACM Research" or the "Company") (NASDAQ: ACMR) securities during the period from March 6, 2019 through October 7, 2020 inclusive (the “Class Period”).
ACM Research shareholders may, no later than February 19, 2021 move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of ACM Research and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
According to the complaint, throughout the relevant period, defendants touted the Company's financial profitability and growth in sales. However, these statements were false and misleading because defendants failed to disclose that the Company had diverted revenues and profits to undisclosed related parties and had materially overstated its revenues and profits.
On October 8, 2020, analyst J Capital Research published a report concluding that ACM Research "is a fraud, over-reporting both revenue and profit." The 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 declined $1.09 per share on October 8, 2020.
If you are a member of the class, you may, no later than February 19, 2021 request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.