Investors with losses are encouraged to contact the firm before February 8, 2021; click here to submit trade information
LOS ANGELES, Jan. 26, 2021 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Semiconductor Manufacturing International Corporation (OTCQX: SMICY) investors that acquired shares between April 23, 2020 and September 26, 2020. Investors have until February 8, 2021 to seek an active role in this litigation.
After market hours on September 7, 2020, it was reported in Reuters that “The Trump administration is considering whether to add China’s top chipmaker SMIC to a trade blacklist, a Defense Department official said[.]” SMIC’s American depositary receipt (“ADR”) price fell $3.08 per share, or over 20%, on this news, to close at $12.02 per share on September 8, 2020, the next trading day. Reuters reported on September 26, 2020 that “The United States has imposed restrictions on exports to China’s biggest chip maker SMIC after concluding there is an ‘unacceptable risk’ equipment supplied to it could be used for military purposes.” SMIC’s ADR price fell sharply on this news, during intraday trading on the next trading day, September 28, 2020.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than February 8, 2021.
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The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.