{"id":411525,"date":"2021-01-10T22:22:31","date_gmt":"2021-01-11T03:22:31","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=411525"},"modified":"2021-01-10T22:22:31","modified_gmt":"2021-01-11T03:22:31","slug":"pomerantz-law-firm-announces-the-filing-of-a-class-action-against-semiconductor-manufacturing-international-corporation-and-certain-officers-smicy","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/pomerantz-law-firm-announces-the-filing-of-a-class-action-against-semiconductor-manufacturing-international-corporation-and-certain-officers-smicy\/","title":{"rendered":"Pomerantz Law Firm Announces the Filing of a Class Action against Semiconductor Manufacturing International Corporation and Certain Officers  &#8211; SMICY"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">NEW YORK<\/span>, <span class=\"xn-chron\">Jan. 10, 2021<\/span> \/PRNewswire\/ &#8212;\u00a0Pomerantz LLP announces that a class action lawsuit has been filed against Semiconductor Manufacturing International Corporation (&#8220;SMIC&#8221; or the &#8220;Company&#8221;) (OTCQX: SMICY) and certain of its officers.\u00a0\u00a0 The class action, filed in <span class=\"xn-location\">United States<\/span> District Court for the Central District of <span class=\"xn-location\">California<\/span>, and docketed under 21-cv-00067, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired SMIC securities between <span class=\"xn-chron\">April 23, 2020<\/span> and <span class=\"xn-chron\">September 26, 2020<\/span>, inclusive (the &#8220;Class Period&#8221;).\u00a0 Plaintiff seeks to recover compensable damages caused by Defendants&#8217; violations of the federal securities laws under the Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;) and Rule <span class=\"xn-money\">10b<\/span>-5 promulgated thereunder by <span class=\"xn-location\">the United States<\/span> (&#8220;U.S.&#8221;) Securities and Exchange Commission.<\/p>\n<p>If you are a shareholder who purchased SMIC securities during the Class Period, you have until <span class=\"xn-chron\">February 8<\/span>, 2021\u00a0to ask the Court to appoint you as Lead Plaintiff for the class.\u00a0 A copy of the Complaint can be obtained at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3032575-1&amp;h=3679332893&amp;u=http%3A%2F%2Fwww.pomerantzlaw.com%2F&amp;a=www.pomerantzlaw.com\" rel=\"nofollow noopener noreferrer\">www.pomerantzlaw.com<\/a>.\u00a0\u00a0To discuss this action, contact <span class=\"xn-person\">Robert S. Willoughby<\/span> at <a target=\"_blank\" href=\"mailto:newaction@pomlaw.com\" rel=\"nofollow noopener noreferrer\">newaction@pomlaw.com<\/a>\u00a0or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.\u00a0 <\/p>\n<p class=\"prntac\">\n        <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3032575-1&amp;h=4001382980&amp;u=https%3A%2F%2Fpomlaw.com%2Flearn-more-form%3Fcompany%3DSMICY&amp;a=%5BClick+here+for+information+about+joining+the+class+action%5D\" rel=\"nofollow noopener noreferrer\"><br \/>\n          <b>[Click here for information about joining the class action]<\/b><br \/>\n        <\/a>\n      <\/p>\n<p>SMIC purports to be an investment holding company principally engaged in the computer-aided design, manufacture, testing, packaging, and trading of integrated circuits (&#8220;IC&#8221;), as well as the provision of other semiconductor services.\u00a0 The Company is also involved in the design and manufacture of semiconductor masks and various types of wafers.\u00a0 The Company distributes its products in <span class=\"xn-location\">China<\/span> and to overseas markets, such as <span class=\"xn-location\">Europe<\/span> and the U.S. <\/p>\n<p>The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements, and failed to disclose material adverse facts about the Company&#8217;s business, operational, and compliance policies.\u00a0 Specifically, Defendants made false and\/or misleading statements and failed to disclose to investors that: (1) there was an &#8220;unacceptable risk&#8221; that equipment supplied to SMIC would be used for military purposes; (2) SMIC was foreseeably at risk of facing <span class=\"xn-location\">United States<\/span> restrictions; (3) as a result of the restrictions by the United States Department of Commerce, certain of SMIC&#8217;s suppliers would need &#8220;difficult-to-obtain&#8221; individual export licenses; and (4) as a result, Defendants&#8217; public statements were materially false and\/or misleading at all relevant times.<\/p>\n<p>On <span class=\"xn-chron\">September 4, 2020<\/span>, after\u00a0market hours, <i>Reuters <\/i>published an article entitled &#8220;EXCLUSIVE-Trump administration weighs blacklisting <span class=\"xn-location\">China&#8217;s<\/span> chipmaker SMIC&#8221;.<\/p>\n<p>On this news, SMIC&#8217;s ADR price fell <span class=\"xn-money\">$3.08<\/span> per ADR, or over 20%, to close at <span class=\"xn-money\">$12.02<\/span> per ADR on <span class=\"xn-chron\">September 8, 2020<\/span>, the next trading day. <\/p>\n<p>Then, on <span class=\"xn-chron\">September 26, 2020<\/span>, <i>Reuters <\/i>published an article entitled &#8220;U.S. tightens exports to <span class=\"xn-location\">China&#8217;s<\/span> chipmaker SMIC, citing risk of military use&#8221;.<\/p>\n<p>On this news, SMIC&#8217;s ADR price fell <span class=\"xn-money\">$0.57<\/span> per ADR, or 4.7%, to close at <span class=\"xn-money\">$11.47<\/span> per ADR on <span class=\"xn-chron\">September 28, 2020<\/span>, the next trading day.<\/p>\n<p>The Pomerantz Firm, with offices in <span class=\"xn-location\">New York<\/span>, <span class=\"xn-location\">Chicago<\/span>, <span class=\"xn-location\">Los Angeles<\/span>, and <span class=\"xn-location\">Paris<\/span> is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late <span class=\"xn-person\">Abraham L. Pomerantz<\/span>, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3032575-1&amp;h=3679332893&amp;u=http%3A%2F%2Fwww.pomerantzlaw.com%2F&amp;a=www.pomerantzlaw.com\" rel=\"nofollow noopener noreferrer\">www.pomerantzlaw.com<\/a><\/p>\n<p>\n        <b>CONTACT:<br \/><\/b><br \/>\n        <span class=\"xn-person\">Robert S. Willoughby<\/span><br \/>\n        <br \/>Pomerantz LLP<br \/><a target=\"_blank\" href=\"mailto:rswilloughby@pomlaw.com\" rel=\"nofollow noopener noreferrer\">rswilloughby@pomlaw.com<\/a>\u00a0<br \/>888-476-6529 ext. 7980<\/p>\n<p>\u00a0<\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=DC43922&amp;sd=2021-01-10\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/pomerantz-law-firm-announces-the-filing-of-a-class-action-against-semiconductor-manufacturing-international-corporation-and-certain-officers---smicy-301204840.html\">http:\/\/www.prnewswire.com\/news-releases\/pomerantz-law-firm-announces-the-filing-of-a-class-action-against-semiconductor-manufacturing-international-corporation-and-certain-officers&#8212;smicy-301204840.html<\/a><\/p>\n<p>SOURCE  Pomerantz LLP<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=DC43922&amp;Transmission_Id=202101102219PR_NEWS_USPR_____DC43922&amp;DateId=20210110\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire NEW YORK, Jan. 10, 2021 \/PRNewswire\/ &#8212;\u00a0Pomerantz LLP announces that a class action lawsuit has been filed against Semiconductor Manufacturing International Corporation (&#8220;SMIC&#8221; or the &#8220;Company&#8221;) (OTCQX: SMICY) and certain of its officers.\u00a0\u00a0 The class action, filed in United States District Court for the Central District of California, and docketed under 21-cv-00067, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired SMIC securities between April 23, 2020 and September 26, 2020, inclusive (the &#8220;Class Period&#8221;).\u00a0 Plaintiff seeks to recover compensable damages caused by Defendants&#8217; violations of the federal securities laws under the Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;) and Rule 10b-5 promulgated thereunder by the &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/pomerantz-law-firm-announces-the-filing-of-a-class-action-against-semiconductor-manufacturing-international-corporation-and-certain-officers-smicy\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Pomerantz Law Firm Announces the Filing of a Class Action against Semiconductor Manufacturing International Corporation and Certain Officers  &#8211; SMICY&#8221;<\/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-411525","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Pomerantz Law Firm Announces the Filing of a Class Action against Semiconductor Manufacturing International Corporation and Certain Officers - SMICY - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/pomerantz-law-firm-announces-the-filing-of-a-class-action-against-semiconductor-manufacturing-international-corporation-and-certain-officers-smicy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pomerantz Law Firm Announces the Filing of a Class Action against Semiconductor Manufacturing International Corporation and Certain Officers - SMICY - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire NEW YORK, Jan. 10, 2021 \/PRNewswire\/ &#8212;\u00a0Pomerantz LLP announces that a class action lawsuit has been filed against Semiconductor Manufacturing International Corporation (&#8220;SMIC&#8221; or the &#8220;Company&#8221;) (OTCQX: SMICY) and certain of its officers.\u00a0\u00a0 The class action, filed in United States District Court for the Central District of California, and docketed under 21-cv-00067, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired SMIC securities between April 23, 2020 and September 26, 2020, inclusive (the &#8220;Class Period&#8221;).\u00a0 Plaintiff seeks to recover compensable damages caused by Defendants&#8217; violations of the federal securities laws under the Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;) and Rule 10b-5 promulgated thereunder by the &hellip; Continue reading &quot;Pomerantz Law Firm Announces the Filing of a Class Action against Semiconductor Manufacturing International Corporation and Certain Officers &#8211; SMICY&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/pomerantz-law-firm-announces-the-filing-of-a-class-action-against-semiconductor-manufacturing-international-corporation-and-certain-officers-smicy\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-11T03:22:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=DC43922&amp;sd=2021-01-10\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/pomerantz-law-firm-announces-the-filing-of-a-class-action-against-semiconductor-manufacturing-international-corporation-and-certain-officers-smicy\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/pomerantz-law-firm-announces-the-filing-of-a-class-action-against-semiconductor-manufacturing-international-corporation-and-certain-officers-smicy\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Pomerantz Law Firm Announces the Filing of a Class Action against Semiconductor Manufacturing International Corporation and Certain Officers &#8211; 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or the &#8220;Company&#8221;) (OTCQX: SMICY) and certain of its officers.\u00a0\u00a0 The class action, filed in United States District Court for the Central District of California, and docketed under 21-cv-00067, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired SMIC securities between April 23, 2020 and September 26, 2020, inclusive (the &#8220;Class Period&#8221;).\u00a0 Plaintiff seeks to recover compensable damages caused by Defendants&#8217; violations of the federal securities laws under the Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;) and Rule 10b-5 promulgated thereunder by the &hellip; Continue reading \"Pomerantz Law Firm Announces the Filing of a Class Action against Semiconductor Manufacturing International Corporation and Certain Officers &#8211; SMICY\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/pomerantz-law-firm-announces-the-filing-of-a-class-action-against-semiconductor-manufacturing-international-corporation-and-certain-officers-smicy\/","og_site_name":"Market Newsdesk","article_published_time":"2021-01-11T03:22:31+00:00","og_image":[{"url":"https:\/\/c212.net\/c\/img\/favicon.png?sn=DC43922&amp;sd=2021-01-10","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/pomerantz-law-firm-announces-the-filing-of-a-class-action-against-semiconductor-manufacturing-international-corporation-and-certain-officers-smicy\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/pomerantz-law-firm-announces-the-filing-of-a-class-action-against-semiconductor-manufacturing-international-corporation-and-certain-officers-smicy\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Pomerantz Law Firm Announces the Filing of a Class Action against Semiconductor Manufacturing International Corporation and Certain Officers &#8211; 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