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SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Semiconductor Manufacturing International Corporation - SMICY

Pomerantz LLP
·2 min read

NEW YORK, Dec. 19, 2020 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Semiconductor Manufacturing International Corporation (“SMIC” or the “Company”) (OTCMKTS: SMICY). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.

The investigation concerns whether SMIC and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

[Click here for information about joining the class action]

On September 4, 2020, Reuters published an article entitled “EXCLUSIVE-Trump administration weighs blacklisting China’s chipmaker SMIC” which reported that “[t]he Trump administration is considering whether to add China’s top chipmaker SMIC to a trade blacklist,” a measure “which would force U.S. suppliers to seek a difficult-to-obtain license before shipping to the company.”

On this news, SMIC American Depositary Receipt (“ADR”) 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” which reported that “[t]he United States has imposed restrictions on exports to China’s biggest chip maker SMIC after concluding that there is an ‘unacceptable risk’ equipment supplied to it could b used for military purposes,” meaning that “[s]uppliers of certain equipment to [SMIC] will now have to apply for individual export licenses.”

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 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.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980