Pomerantz LLP is investigating claims on behalf of investors of Cheetah Mobile Inc. ("Cheetah Mobile" or the "Company") (NYSE: CMCM). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 9980.
The investigation concerns whether Cheetah Mobile and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On November 26, 2018, BuzzFeed News reported that certain Cheetah Mobile apps available for download from the Google Play store "have been exploiting user permissions as part of an ad fraud scheme that could have stolen millions of dollars." The BuzzFeed News article stated that Cheetah Mobile's apps "tracked when users downloaded new apps and used this data to inappropriately claim credit for having caused the download."
Following this news, Cheetah Mobile's American depositary receipt price fell $2.68, or 32.84%, to close at $5.48 on November 27, 2018.