Pomerantz LLP is investigating claims on behalf of investors of Cheetah Mobile Inc. ("Cheetah" or the "Company") (NYSE: CMCM). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Cheetah and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On October 26, 2017, Prescience Point Research Group published a report asserting, among other things, that: (1) approximately 55% of Cheetah's second quarter 2017 consolidated revenue does not exist; and (2) the Company uses company-controlled or "fake" accounts on the mobile application Live.me to gift other users using Company money.
On this news, Cheetah's American depositary receipt price fell $0.37, or 4.39%, to close at $8.05 on October 26, 2017.