NEW YORK, May 07, 2024 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of those who acquired AXT, Inc. (“AXT” or the “Company”) (NASDAQ: AXTI) securities during the period of March 24, 2021 through April 3, 2024 inclusive (“the Class Period”). Investors have until July 5, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

[Click here to learn more about the class action]

On April 4, 2024, J Capital Research released a report about AXT. The report stated that “Problems have rained down on AXTI in China – where the company has nearly all its operations, but U.S. investors know little of the peril. AXTI sales have crashed, production plummeted, and environmental problems forced the company to move hazardous chemical operations to a rural county 300 miles from the factory.” The report also highlighted the purported role of the Company’s alleged environmental misconduct in its production decline and in the delay of its IPO application for one of its subsidiaries. On this news, the price of AXTI shares declined by $1.73 per share, or approximately 34.94%, to close at $3.22 per share on April 4, 2024. The next day, AXT’s stock fell an additional $0.11 to close at $3.11 per share on April 5, 2024.

The lawsuit alleges that defendants throughout the Class Period made materially false and/or misleading statements and/or failed to disclose that: (1) AXT’s property holdings were overstated; (2) attempted listing of an AXT, Inc. subsidiary in China had reportedly failed; (3) AXT’s business practices were routinely unsafe; and (4) AXT’s production had declined in 2023.

If you purchased or otherwise acquired AXT securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.

Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com