NEW YORK, April 24, 2024 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of AXT, Inc. (“AXT” or the “Company”) (NASDAQ: AXTI). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.   

The investigation concerns whether AXT and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

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On April 4, 2024, J Capital Research (“J Capital”) published a report addressing AXT, alleging, among other things, that the U.S.-listed Company conducts almost all of its business operations through a subsidiary in China and “wants to list that subsidiary in Shanghai to capture new financing”, but “the listing prospectus attracted unexpected scrutiny and unveiled a plethora of undisclosed issues in China.”  In particular, J Capital alleged 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, AXT’s stock price fell $1.73 per share, or 34.95%, to close at $3.22 per share on April 4, 2024. 

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.   

Attorney advertising.  Prior results do not guarantee similar outcomes.    

CONTACT:

Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980

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