NEW YORK, NY / ACCESSWIRE / January 28, 2021 / Pomerantz LLP announces that a class action lawsuit has been filed against Semiconductor Manufacturing International Corporation ("SMIC" or the "Company") (OTCQX:SMICY) and certain of its officers. 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 "Class Period"). Plaintiff seeks to recover compensable damages caused by Defendants' violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder by the United States ("U.S.") Securities and Exchange Commission.
If you are a shareholder who purchased SMIC securities during the Class Period, you have until February 8, 2021 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 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.
SMIC purports to be an investment holding company principally engaged in the computer-aided design, manufacture, testing, packaging, and trading of integrated circuits ("IC"), 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 Europe and the U.S.
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's business, operational, and compliance policies. Specifically, Defendants made false and/or misleading statements and failed to disclose to investors that: (1) there was an "unacceptable risk" that equipment supplied to SMIC would be used for military purposes; (2) SMIC was foreseeably at risk of facing United States restrictions; (3) as a result of the restrictions by the United States Department of Commerce, certain of SMIC's suppliers would need "difficult-to-obtain" individual export licenses; and (4) as a result, Defendants' public statements were materially false and/or misleading at all relevant times.
On September 4, 2020, after market hours, Reuters published an article entitled "EXCLUSIVE-Trump administration weighs blacklisting China's chipmaker SMIC".
On this news, SMIC's 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.
Then, on September 26, 2020, Reuters published an article entitled "U.S. tightens exports to China's chipmaker SMIC, citing risk of military use".
On this news, SMIC's 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.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, 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 www.pomerantzlaw.com
SOURCE: Pomerantz LLP
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