The lawsuit, filed in the U.S. District Court for the Central District of California, alleges that before the markets opened on February 21, 2020, Cheetah Mobile disclosed that its Google Play Store, Google AdMob, and Google Ad Manager accounts were disabled “because some of the Company’s apps had not been compliant with Google policies, resulting in certain invalid traffic.” The Company further announced that Google had terminated the associated contracts for these accounts. For the first three quarters of 2019, Cheetah Mobile had generated 22.6% of its total revenues from Google. On this news, the price of Cheetah Mobile shares plummeted approximately 17%, to close at just $2.99 per share on February 21, 2020.
Investors who purchased Cheetah Mobile shares between March 25, 2019 and February 20, 2020 may be able to recover some of their losses and should contact us using the form below.
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