NEW YORK, April 08, 2024 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP is investigating potential claims against AXT, Inc. (“AXT” or the “Company”) (NASDAQ: AXTI). The investigation concerns whether AXT and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.

[Click here to learn more about the investigation]

On April 4, 2024, J Capital Research published a report alleging 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, the price of AXT stock shares declined by $1.73, or approximately 34.9%, from $4.95 on April 3, 2024 to close at $3.22 per share on April 4, 2024.

If you purchased or otherwise acquired AXT securities, have information, or would like to learn more about this investigation, 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.

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