SAN FRANCISCO, CA / ACCESSWIRE / January 8, 2021 / Hagens Berman updates investors in the following publicly-traded companies and urges investors who have suffered significant losses to contact the firm. Further details about the cases, including important upcoming deadlines, can be found at the links provided.
ACMR Investors Click Here.
SWI Investors Click Here.
ACM Research Inc. (NASDAQ:ACMR) Securities Class Action:
Class Period: March 6, 2019 - October 7, 2020
Lead Plaintiff Deadline: Feb. 19, 2021
Contact An Attorney Now:ACMR@hbsslaw.com
According to the complaint, throughout the Class Period, Defendants misrepresented and concealed that (1) ACM Research's revenues and profits were diverted to undisclosed related parties, and (2) consequently, the company materially overstated its revenues and profits.
Investors allegedly began to learn the truth on Oct. 8, 2020, when J Capital Research published a report entitled "Dirty business," bringing ACM Research's reported financials into serious question.
More specifically, J Capital concludes ACM Research is a fraud, over-reporting both revenue and profit. According to the report, "ACMR reports industry-beating gross margins of 47%" but "[w]e believe the real gross margins are half at the best." J Capital also concludes revenues are overstated by 15-20%, undisclosed related parties are diverting revenue and profit from the company, the key means by which ACMR tunnels over-reported profit out of the company may be through about $20 million in overstated inventory and through cash that is inflated or compromised, and warranty and service costs are understated by at least $11 million.
This news sent the price of ACM Research shares sharply lower during trading on Oct. 8, 2020.
"We're focused on investors' losses and proving ACMR cooked its books, thereby misleading its investors," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you are an ACMR investor and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
SolarWinds Corporation (NYSE:SWI) Securities Fraud Class Action:
Class Period: Feb. 24, 2020 - Dec. 15, 2020
Lead Plaintiff Deadline: March 5, 2021
Contact An Attorney Now:SWI@hbsslaw.com
The complaint alleges that throughout the Class Period, Defendants misrepresented and concealed that: (1) since mid-2020, SolarWinds' Orion monitoring products had a vulnerability that allowed hackers to compromise the server upon which the products ran; (2) SolarWinds' update server had an easily accessible password; and (3) consequently, SolarWinds' customers, including the Federal Government, Microsoft, Cisco, and Nvidia, were vulnerable to hacks.
Investors allegedly began to learn the truth on Dec. 13, 2020 when Reuters reported Russian hackers had infiltrated the U.S. Treasury and Commerce departments' systems by tampering with SolarWinds updates.
Then, on Dec. 14, 2020 SolarWinds confirmed the vulnerability was inserted in its Orion monitoring products and existed in updates released between March and June 2020.
On Dec. 15, 2020, Reuters reported that (1) a security researcher alerted SolarWinds last year that anyone could access the company's update server by using the password "solarwinds123," and (2) a cyber security expert noticed that even days after SolarWinds knew their software was compromised the malicious updates were still available for download.
Significantly, shortly before these events unfolded and caused SolarWinds shares to crater, two investors controlling a majority of SolarWinds' board of directors sold $285 million of SolarWinds shares.
"We're focused on proving that SolarWinds knew about the security vulnerabilities before disclosing them," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you are a SolarWinds investor and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding ACMR and/or SolarWinds should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email ACMR@hbsslaw.com and/or SWI@hbsslaw.com.
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Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
SOURCE: Hagens Berman Sobol Shapiro LLP
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