Semiconductor Manufacturing is facing a class action lawsuit alleging that the Company made materially false and/or misleading statements and/or failed to disclose that: (1) there was an “unacceptable risk” that equipment supplied to SMIC would be used for military purposes; (2) SMIC was foreseeably at risk of facing U.S. restrictions; (3) as a result of restrictions by the U.S. Department of Commerce, certain of SMIC’s suppliers would need “difficult-to-obtain” individual export licenses; and (4) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.
If you incurred a loss on SMICY stocks purchased between April 23, 2020 and September 26, 2020, this lawsuit is on your behalf. The lawsuit was filed in the the United States District Court for the Central District of California, and our firm is reaching out to investors to discuss their legal rights.
If you wish to act as a representative of the shareholders harmed by this misconduct, you may ask the court to appoint you as lead plaintiff. A lead plaintiff directs the litigation and participates in important decisions, including whether to accept a settlement for the class in the action.
You only have until February 8, 2021 to apply to be lead plaintiff. The court will then evaluate the applicants and choose a lead plaintiff. You are not required to act as a lead plaintiff in order to participate in any recovery.
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