NEW YORK, May 07, 2024 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP:
- Do you, or did you, own shares of AXT, Inc. (NASDAQ: AXTI)?
- Did you purchase your shares between March 24, 2021 and April 3, 2024, inclusive?
- Did you lose money in your investment in AXT, Inc.?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of AXT, Inc. (“AXTI” or the “Company”) (NASDAQ: AXTI) between March 24, 2021 and April 3, 2024, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Eastern District of New York and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired AXTI securities, and/or would like to discuss your legal rights and options please visit AXT, Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
According to the Complaint, Defendants failed to disclose to investors that AXTI: (1) overstated its property holdings; (2) did not disclose that the attempted listing of an AXTI subsidiary in China had reportedly failed; (3) routinely engaged in environmental violations and unsafe business practices; and (4) declined in production in 2023.
On April 4, 2024, J Capital Research released a report about AXTI (the “Report”). The Report stated that in order to capture new financing, AXTI had tried to conduct an Initial Public Offering (“IPO”) for one of its subsidiaries in China. The Report stated that the “IPO has apparently been blocked by Chinese regulators.” J Capital Research also disclosed 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, AXTI’s stock price fell $1.73 per share, or 34.9%, to close at $3.22 per share on April 4, 2024.
If you wish to serve as lead plaintiff, you must move the Court no later than July 5, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired AXTI securities, and/or would like to discuss your legal rights and options please visit AXT, Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
