| COMPANY |
AXT, Inc. |
| COURT |
United States District Court for the Northern District of California |
| CASE NUMBER |
3:24-cv-02778 |
| JUDGE |
TBD |
| CLASS PERIOD |
March 24, 2021 through April 3, 2024 |
| SECURITY TYPE |
Securities |
LEAD PLAINTIFF DEADLINE IS JULY 5, 2024.
If you have suffered losses and would like to discuss your rights, please fill out this form or you may contact Jonathan Naji, Esq. at (484) 270-1453 or via e-mail at info@ktmc.com.
Case Background:
A class action lawsuit has been filed on behalf of those who purchased or acquired AXT, Inc. (“AXT, Inc.”) (NASDAQ: AXTI) securities between March 24, 2021 and April 3, 2024, both dates inclusive (the “Class Period”).
On April 4, 2024, J Capital Research published a report alleging, among other things, that while AXT announced that it would be listing its primary subsidiary in Shanghai, the company’s IPO was blocked by Chinese regulators in March 2023, potentially due to “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, or 34.9%, to close at $3.22 per share on April 4, 2024.
The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) AXT overstated its property holdings; (2) the company did not disclose that the attempted listing of an AXT subsidiary in China had reportedly failed; (3) AXT routinely engaged in environmental violations and unsafe business practices; (4) AXT’s production declined in 2023; and (5) as a result, Defendants’ positive statements about the company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
What is a Lead Plaintiff?
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.