SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Semiconductor Manufacturing International Corporation of Class Action Lawsuit and Upcoming Deadline
NEW YORK, January 31, 2021 / PRNewswire / – Pomerantz LLP announces that a class action lawsuit has been filed against Semiconductor Manufacturing International Corporation (“SMIC” or the “Company”) (OTCQX: SMICY) and some of its officers. The class action filed in United States District Court for the Central District of Californiaand registered under 21-cv-00067, is on behalf of a class consisting of all persons and entities, other than Defendants, who have purchased or otherwise acquired SMIC securities between April 23, 2020 and September 26, 2020including (the “Class Period”). Plaintiff is seeking damages caused by Defendants violating federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 announced by The United States (“US”) Securities and Exchange Commission.
If you are a shareholder who purchased SMIC securities during the class period, you have up to February 8, 2021, to ask the court to appoint you as the lead plaintiff for the class. A copy of the complaint is available at www.pomerantzlaw.com. To discuss this action, please contact Robert S. Willoughby at the [email protected] or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 7980. Those who inquire by email are asked to provide their postal address, telephone number, and the number of shares purchased.
[Click here for information about joining the class action]
SMIC purports to be an investment holding primarily engaged in the computer-aided design, manufacture, testing, packaging and trading of integrated circuits (“IC”) and the provision of other semiconductor services. The company is also involved in the development and manufacture of semiconductor masks and various types of wafers. The company sells its products in China and to overseas markets such as Europe and the USA
The complaint alleges that throughout the classroom, defendants made materially false and misleading statements and did not disclose material adverse facts about the company’s business, operational and compliance policies. In particular, Defendants made false and / or misleading statements and failed to disclose to investors that: (1) there was an “unacceptable risk” that equipment supplied to SMIC could be used for military purposes; (2) SMIC was predictably at risk United States Restrictions; (3) Due to US Department of Commerce restrictions, certain SMIC suppliers would require “hard-to-obtain” individual export licenses. and (4) as a result, Defendants’ public statements at all relevant times have been materially false and / or misleading.
On 4th September 2020After the market hours, Reuters published an article entitled “EXCLUSIVE Trump Administration Weights Blacklist.” China Minimum wage for chip manufacturers “.
In the news, SMIC’s ADR price fell $ 3.08 per ADR or over 20% to close at $ 12.02 by ADR September 8, 2020the next trading day.
Then further September 26, 2020Reuters published an article entitled “USA Tighten Exports After China Chip manufacturer SMIC citing the risk of military use “.
In the news, SMIC’s ADR price fell $ 0.57 per ADR or 4.7% to close at $ 11.47 by ADR September 28, 2020the next trading day.
The Pomerantz company with offices in new York, Chicago, The angel, and Paris is recognized as a leader in corporate, securities and antitrust litigation. Established by the late Abraham L. PomerantzPomerantz, known as the dean of class action, pioneered class action redress for securities. Today, more than 80 years later, Pomerantz continues its tradition and fights for the rights of victims of securities fraud, fiduciary violations and corporate misconduct. The company has reclaimed numerous millions of dollars in damages on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
888-476-6529 ext. 7980
SOURCE Pomerantz LLP