Case View


AXT, Inc.

Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired AXT, Inc. (“AXTI” or the “Company”) (NASDAQ: AXTI) securities between March 24, 2021 and April 3, 2024, inclusive. The lawsuit seeks to recover AXTI shareholders’ investment losses.

If you purchased securities in AXTI between March 24, 2021 and April 3, 2024, inclusive, and would like to discuss your legal rights and/or options, please click “Join Class Action” above.

According to the Complaint, Defendants failed to disclose to investors that AXTI: (1) overstated its property holdings; (2) did not disclose that the attempted listing of an AXTI subsidiary in China had reportedly failed; (3) routinely engaged in environmental violations and unsafe business practices; and (4) declined in production in 2023.

On April 4, 2024, J Capital Research released a report about AXTI (the “Report”). The Report stated that in order to capture new financing, AXTI had tried to conduct an Initial Public Offering (“IPO”) for one of its subsidiaries in China.  The Report stated that the “IPO has apparently been blocked by Chinese regulators.” J Capital Research also disclosed that it had “uncovered a deluge of reasons why Chinese regulators potentially blocked this IPO, including falsifying data, tax evasion, improper storage of hazardous chemicals, suspicious related-party transactions, IP litigation, and defaulting on wages to employees.”

On this news, AXTI’s stock price fell $1.73 per share, or 34.9%, to close at $3.22 per share on April 4, 2024.

If you wish to serve as lead plaintiff, you must move the Court no later than July 5, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.

Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.

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Contact Information:

Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
(212) 951-2030