Semiconductor Manufacturing International Corporation
Lead Plaintiff Deadline: 02/08/2021
SUMMARY OF CASE:
A securities class action has been filed against Semiconductor Manufacturing International Corporation (SMICY) on behalf of purchasers of the securities of Semiconductor Manufacturing between April 23, 2020 through September 26, 2020. This case has been filed in the USDC – C.D.CA.
The Complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) there was an “unacceptable risk” that equipment supplied to SMIC would be used for military purposes; (2) SMIC was foreseeably at risk of facing U.S. restrictions; (3) 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 (4) 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.