NEW YORK, June 22, 2024 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against AXT, Inc. (“AXT” or the “Company”) ( AXTI). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (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.
The class action concerns whether AXT and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until July 5, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired AXT securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On April 4, 2024, J Capital Research (“J Capital”) published a report addressing AXT, alleging, among other things, that the U.S.-listed Company conducts almost all of its business operations through a subsidiary in China and “wants to list that subsidiary in Shanghai to capture new financing”, but “the listing prospectus attracted unexpected scrutiny and unveiled a plethora of undisclosed issues in China.” In particular, J Capital alleged that it “uncovered a deluge of reasons why Chinese regulators potentially blocked this IPO, including falsifying data, tax evasion, improper storage of hazardous chemicals, suspicious related-party transactions, IP litigation, and defaulting on wages to employees.”
On this news, AXT’s stock price fell $1.73 per share, or 34.95%, to close at $3.22 per share on April 4, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, 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, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz 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 billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980
