{"id":410004,"date":"2021-01-06T19:03:25","date_gmt":"2021-01-07T00:03:25","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=410004"},"modified":"2021-01-06T19:03:25","modified_gmt":"2021-01-07T00:03:25","slug":"bragar-eagel-squire-p-c-reminds-investors-that-class-action-lawsuits-have-been-filed-against-semiconductor-manufacturing-international-corporation-kandi-technologies-qiwi-and-acm-research-a","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/bragar-eagel-squire-p-c-reminds-investors-that-class-action-lawsuits-have-been-filed-against-semiconductor-manufacturing-international-corporation-kandi-technologies-qiwi-and-acm-research-a\/","title":{"rendered":"Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Semiconductor Manufacturing International Corporation, Kandi Technologies, Qiwi, and ACM Research and Encourages Investors to Contact the Firm"},"content":{"rendered":"
\n

NEW YORK, Jan. 06, 2021 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Semiconductor Manufacturing International Corporation (\u201cSMIC\u201d) (Other OTC: SMICY), Kandi Technologies Group, Inc. (NASDAQ: KNDI), Qiwi plc (NASDAQ: QIWI), and ACM Research, Inc. (NASDAQ: ACMR). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.<\/p>\n

\n Semiconductor Manufacturing International Corporation (\u201cSMIC\u201d) (Other OTC: SMICY)<\/strong>\n <\/p>\n

Class Period: April 23, 2020 to September 26, 2020<\/p>\n

Lead Plaintiff Deadline: February 8, 2021<\/p>\n

SMIC purports to be an investment holding company principally engaged in the computer-aided design, manufacture, testing, packaging and trading of integrated circuits (\u201cIC\u201d), as well as the provision of other semiconductor services. The Company is also involved in the design and manufacture of semiconductor masks and various types of wafers. The Company distributes its products in China and to overseas markets, such as the Europe and the United States.<\/p>\n

On September 4, 2020, Reuters published an article entitled \u201cEXCLUSIVE-Trump administration weighs blacklisting China’s chipmaker SMIC\u201d.<\/p>\n

On this news, SMIC\u2019s ADR price fell $3.08 per ADR, or over 20%, to close at $12.02 per ADR on September 8, 2020, the next trading day.<\/p>\n

On September 26, 2020, Reuters published an article entitled \u201cU.S. tightens exports to China’s chipmaker SMIC, citing risk of military use\u201d.<\/p>\n

On this news, SMIC\u2019s ADR price fell $0.57 per ADR, or 4.7%, to close at $11.47 per ADR on September 28, 2020, the next trading day.<\/p>\n

The complaint, filed on December 10, 2020, alleges that defendants throughout the Class Period made false and\/or misleading statements and\/or failed to disclose that: (1) there was an \u201cunacceptable risk\u201d 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 \u201cdifficult-to-obtain\u201d individual export licenses; and (4) as a result, defendants\u2019 public statements were materially false and\/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.<\/p>\n

For more information on the SMIC class action go to: https:\/\/bespc.com\/cases\/SMICY<\/a>
<\/a>
Kandi Technologies Group, Inc. (NASDAQ: KNDI)<\/strong><\/p>\n

Class Period: March 15, 2019 to November 27, 2020<\/p>\n

Lead Plaintiff Deadline: February 9, 2021<\/p>\n

On\u00a0November 30, 2020, Hindenburg Research (\u201cHindenburg\u201d) published a report entitled \u201cKandi: How This China-Based NASDAQ-Listed Company Used Fake Sales, EV Hype to Nab\u00a0$160 Million\u00a0From U.S. Investors\u201d. Citing \u201cextensive on-the-ground inspection at Kandi\u2019s factories and customer locations in\u00a0China, interviews with over a dozen former employees and business partners, and review of numerous litigation documents and international public records\u201d, the Hindenburg report asserted that almost 64% of Kandi’s sales over the year have been to undisclosed related parties. The report also alleged that \u201c[Kandi] has consistently booked revenue it cannot collect, a classic hallmark of fake revenue[.]\u201d<\/p>\n

Following the publication of the Hindenburg report, Kandi’s stock price fell\u00a0$3.86\u00a0per share, or 28.34%, to close at $9.76\u00a0per share on\u00a0November 30, 2020.<\/p>\n

The complaint, filed on December 11, 2020, alleges that throughout the Class Period defendants made materially false and misleading statements regarding the Company\u2019s business, operational, and compliance policies. Specifically, defendants made false and\/or misleading statements and\/or failed to disclose that: (i) Kandi artificially inflated its reported revenues through undisclosed related party transactions, or otherwise had relationships with key customers that indicated those customers did not have an arms-length relationship with Kandi; (ii) the majority of Kandi\u2019s sales in the past year had been to undisclosed related parties and\/or parties with such a close relationship and history with Kandi that it cast doubt on the arms-length nature of their relationship; (iii) all the foregoing, once revealed, was foreseeably likely to cast doubt on the validity of Kandi\u2019s reported revenues and, in turn, have a foreseeable negative impact on the Company’s reputation and valuation; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.<\/p>\n

For more information on the Kandi class action go to: https:\/\/bespc.com\/cases\/KNDI<\/a><\/p>\n

\n Qiwi Plc (NASDAQ: QIWI) <\/strong>\n <\/p>\n

Class Period: March 28, 2019 to December 9, 2020<\/p>\n

Lead Plaintiff Deadline: February 9, 2021<\/p>\n

Qiwi together with its subsidiaries, purports to operate electronic online payment systems primarily in the Russia, Kazakhstan, Moldova, Belarus, Romania, the United Arab Emirates, and internationally.<\/p>\n

On December 9, 2020, after the market closed, Qiwi filed a Form 6-K with the SEC, announcing that the Central Bank of Russia had imposed a fine of approximately $150,000 for deficient record-keeping and reporting, and suspended the Company\u2019s conduct most types of payments to foreign merchants and money transfers to pre-paid cards from corporate accounts.<\/p>\n

On this news, Qiwi\u2019s ADS price fell $2.80 per share, or 20.6%, to close at $10.79 per share on December 10, 2020.<\/p>\n

The complaint, filed on December 11, 2020, alleges that defendants throughout the Class Period made false and\/or misleading statements and\/or failed to disclose that: (1) Qiwi\u2019s internal controls related to reporting and record-keeping were ineffective; (2) consequently, the Central Bank of Russia would impose a monetary fine upon the Company and impose restrictions upon the Company\u2019s ability to make payments to foreign merchants and transfer money to pre-paid cards; and (3) as a result, defendants\u2019 public statements were materially false and\/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.<\/p>\n

For more information on the Qiwi class action go to: https:\/\/bespc.com\/cases\/QIWI<\/a><\/p>\n

\n ACM Research, Inc. (NASDAQ: ACMR) <\/strong>\n <\/p>\n

Class Period: March 6, 2019 to October 7, 2020<\/p>\n

Lead Plaintiff Deadline: February 19, 2021<\/p>\n

On October 8, 2020, analyst J Capital Research (\u201cJ Capital\u201d) published a report concerning ACM, in which J Capital concluded that ACM \u201cis a fraud, over-reporting both revenue and profit.\u201d The report cited, among other things, J Capital\u2019s visits to \u201csites in China, Korea, and California\u201d and \u201cmore than 40 interviews.\u201d J Capital asserted that \u201c[w]hat real profit the company has is apparently being siphoned off to related parties.\u201d The J Capital report concluded that ACM\u2019s revenue was overstated by 15-20% and claimed to have \u201cevidence that undisclosed related parties are diverting revenue and profit from the company.\u201d<\/p>\n

Following this news, ACM\u2019s stock price $1.09 per share, or 1.52%, to close at $70.79 per share on October 8, 2020.<\/p>\n

The complaint, filed on December 21, 2020, alleges that throughout the Class Period defendants made materially false and misleading statements regarding the Company\u2019s business, operational and compliance policies. Specifically, defendants made false and\/or misleading statements and\/or failed to disclose that: (i) the Company\u2019s revenue and profits had been diverted to undisclosed related parties; (ii) accordingly, the Company had materially overstated its revenues and profits; and (iii) as a result, the Company\u2019s public statements were materially false and misleading at all relevant times.<\/p>\n

For more information on the ACM research class action go to: https:\/\/bespc.com\/cases\/ACMR<\/a><\/p>\n

\n About Bragar Eagel & Squire, P.C.:<\/strong>
\n
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com<\/u><\/a>. Attorney advertising. Prior results do not guarantee similar outcomes.<\/p>\n

\n Contact Information:<\/strong>
\n
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com<\/u><\/a>
www.bespc.com<\/u><\/a><\/p>\n<\/p>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

NEW YORK, Jan. 06, 2021 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Semiconductor Manufacturing International Corporation (\u201cSMIC\u201d) (Other OTC: SMICY), Kandi Technologies Group, Inc. (NASDAQ: KNDI), Qiwi plc (NASDAQ: QIWI), and ACM Research, Inc. (NASDAQ: ACMR). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided. Semiconductor Manufacturing International Corporation (\u201cSMIC\u201d) (Other OTC: SMICY) Class Period: April 23, 2020 to September 26, 2020 Lead Plaintiff Deadline: February 8, 2021 SMIC purports to be an investment holding company principally engaged in the computer-aided … <\/p>\n

Continue reading “Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Semiconductor Manufacturing International Corporation, Kandi Technologies, Qiwi, and ACM Research and Encourages Investors to Contact the Firm”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-410004","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nBragar Eagel & Squire, P.C. 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Semiconductor Manufacturing International Corporation (\u201cSMIC\u201d) (Other OTC: SMICY) Class Period: April 23, 2020 to September 26, 2020 Lead Plaintiff Deadline: February 8, 2021 SMIC purports to be an investment holding company principally engaged in the computer-aided … Continue reading "Bragar Eagel & Squire, P.C. 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Semiconductor Manufacturing International Corporation (\u201cSMIC\u201d) (Other OTC: SMICY) Class Period: April 23, 2020 to September 26, 2020 Lead Plaintiff Deadline: February 8, 2021 SMIC purports to be an investment holding company principally engaged in the computer-aided … Continue reading \"Bragar Eagel & Squire, P.C. 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