PR Newswire
NEW YORK, June 26, 2024
Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $75,000 In AXT To Contact Him Directly To Discuss Their Options
If you suffered losses exceeding $75,000 investing in AXT stock or options between March 24, 2021 and April 3, 2024and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/AXTI.
NEW YORK, June 26, 2024 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against AXT, Inc. ("AXT" or the "Company") (NASDAQ: AXTI) and reminds investors of the July 5, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) AXT, Inc. overstated its property holdings; (2) the Company did not disclose that the attempted listing of an AXT, Inc. subsidiary in China had reportedly failed; (3) AXT, Inc. routinely engaged in environmental violations and unsafe business practices; (4) AXT's production declined in 2023; and (5) as a result, Defendants' statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all times. When the true details entered the market, the lawsuit claims that investors suffered damages.
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 had "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.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding AXT's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the AXT class action, go to www.faruqilaw.com/AXTI or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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