NEW YORK, Feb. 03, 2021 (GLOBE NEWSWIRE) — Pawar Law Group announces that a class action lawsuit has been filed on behalf of shareholders who purchased shares of Semiconductor Manufacturing International Corp. (OTC: SMICY) from April 23, 2020 through September 26, 2020, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Semiconductor Manufacturing International Corp. investors under the federal securities laws.
According to the lawsuit, defendants made false and/or misleading statements and/or failed to disclose that: there was an “unacceptable risk” that equipment supplied to SMIC would be used for military purposes; SMIC was foreseeably at risk of facing U.S. restrictions; as a result of restrictions by the U.S. Department of Commerce, certain of SMIC’s suppliers would need “difficult-to-obtain” individual export licenses; and as a result, defendants’ public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you wish to serve as lead plaintiff, you must move the Court no later than February 8, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
No class has been certified. Until a class is certified, you are not represented by counsel unless you hire one. You may hire counsel of your choice. You may also do nothing at this time and be an absent member of the class. Your ability to share in any future recovery is not dependent upon being a lead plaintiff.
Pawar Law Group represents investors from around the world. Attorney advertising. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Vik Pawar, Esq.
Pawar Law Group
20 Vesey Street, Suite 1410
New York, NY 10007
Tel: (917) 261-2277
Fax: (212) 571-0938