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PHILADELPHIA, December 22, 2020 (GLOBE NEWSWIRE) – Law firm Kehoe, PC is investigating potential claims on securities on behalf of investors of ACM Research Inc. (“ACM” or the “Company”) (NASDAQ: ACMR) to determine whether ACM has engaged in securities fraud or other illegal business practices.
INVESTORS WHO PURCHASED OR OTHERWISE ACQUIRED ACM RESEARCH SECURITIES BETWEEN MARCH 6, 2019 AND OCTOBER 7, 2020, BOTH DATES INCLUDED (THE “CLASS PERIOD”), AND SUFFERING LOSSES OVER $ 100,000 ARE ENCOURAGED TO COMPLETING THE KEHOE LAW FIRM QUESTIONNAIRE ON COLLECTIVE ACTIONS ON SECURITIES OR CONTACT KEVIN CAULEY, DIRECTOR, BUSINESS DEVELOPMENT, (215) 792-6676, EXT. 802, [email protected], [email protected], [email protected], TO DISCUSS THE CLASS ACTION INVESTIGATION IN SECURITIES OR POTENTIAL LEGAL CLAIMS.
A class action lawsuit has been filed for damages on behalf of investors who purchased or otherwise acquired ACM securities during the class action period and suffered losses.
According to the class action complaint, throughout the class action period, ACM’s defendants made materially false and misleading statements and did not disclose material adverse facts regarding the business, operational and compliance policies of ACM. the society. The ACM Defendants allegedly made false and / or misleading statements and did not disclose to investors that (i) the Company’s income and profits had been diverted to undisclosed related parties; (ii) as a result, the Company had significantly overstated its revenues and profits; and (iii) therefore, the Company’s public statements were materially false and misleading at all material times.
On October 8, 2020, J Capital Research reported, among other things, that “CAIR reports gross margins of 47%, beating the industry. [J Capital Research] believe[s] actual gross margins are at best half of these. This would wipe out the bottom line of the business. “J Capital Research also reported that it”. . . estimate[s] that income is overstated by 15 to 20%[,]»And that he has«. . . evidence that undisclosed related parties are embezzling company income and profits[.]”
Additionally, J Capital Research reported that the “[k]This means that ACMR tunnels overstate the company’s profits can result in around $ 20 million in overstated inventory costs and inflated or simply compromised cash flow. We think [at] at least $ 11 million warranty and service charges are underestimated. “
On this news, ACM’s share price fell $ 1.09 per share to close at $ 70.79, hurting investors.
Kehoe Law Firm, PC, with offices in New York and Philadelphia, is a multidisciplinary, plaintiff-side law firm dedicated to protecting investors against securities fraud, breach of fiduciary duty and malpractice. Together, the partners at Kehoe law firm have served as a senior advisor or co-senior advisor in cases that have raised more than $ 10 billion on behalf of institutional and individual investors.
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