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AXTI.US
id: 1178

AXT (AXTI) China Subsidiary Issues Case

E.D. New York
Court
1:24-cv-03341
Case number
24 Mar 2021
Class period Start
03 Apr 2024
Class period End
01 Jul 2024
Lead Plaintiff motion deadline
  • On April 4, 2024, J Capital Research published a report accusing AXT of multiple violations in its China subsidiary through which AXT conducts most of its business.
  • On it, $AXTI fell 34.95%, losing $76M+ of shareholder value.
  • Affected $AXTI investors may join the claim to be notified about potential recovery
On April 4, 2024, J Capital Research published a report claiming that the U.S.-listed AXT:
  • Conducts almost all of its business operations through a subsidiary in China;
  • Planned to obtain new financing by listing that subsidiary in China but the Chinese regulators blocked the IPO.
The report further claims that the reasons for the Chinese IPO failure include falsifying data, tax evasion, improper storage of hazardous chemicals, suspicious related-party transactions, IP litigation, and defaulting on employee wages.

On this news, $AXTI fell 34.95% and lost over $76M of its market capitalization, seriously damaging shareholders.

One of AXTI's investors has already filed a claim vs. AXT in the E.D. of New York court.
Case Status
Lead Plaintiff Submission
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
04 April 2024
Filing date
06 May 2024
Lead Plaintiff Deadline
01 July 2024
Judge
James R Cho
Collecting participants…

AXT Inc

AXT, Inc. designs, develops, manufactures, and distributes compound and single element semiconductor substrates. The company offers indium phosphide for use in data center connectivity using light/...

    Ticker
    AXTI.US
    ISIN
    US00246W1036
    CIK
    1051627
    Sector
    Technology
    Industry
    Semiconductor Equipment & Materials
    Country
    USA
    Address
    4281 Technology Drive, Fremont, CA, United States, 94538