Semiconductor Manufacturing International Corporation (SMIC)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Semiconductor Manufacturing International Corporation ("Semiconductor" or "the Company") (NASDAQ: SMIC). The investigation concerns whether Semiconductor and certain of its officers and/or directors have violated federal securities laws.
On September 4, 2020, Reuters published an article entitled “EXCLUSIVE-Trump administration weighs blacklisting China’s chipmaker SMIC” which reported that “[t]he Trump administration is considering whether to add China’s top chipmaker SMIC to a trade blacklist,” a measure “which would force U.S. suppliers to seek a difficult-to-obtain license before shipping to the company.” On this news, SMIC American Depositary Receipt (“ADR”) fell $3.08 per ADR, or over 20%, to close at $12.02 per ADR on September 8, 2020, the next trading day. Then, on September 26, 2020, Reuters published an articled entitled “U.S. tightens exports to China’s chipmaker SMIC, citing risk of military use” which reported that “[t]he United States has imposed restrictions on exports to China’s biggest chip maker SMIC after concluding that there is an ‘unacceptable risk’ equipment supplied to it could b used for military purposes,” meaning that “[s]uppliers of certain equipment to [SMIC] will now have to apply for individual export licenses.” On this news, SMIC’s ADR price fell $0.57 per ADR, or 4.7%, to close at $11.47 per ADR on September 28, 2020.
If you are aware of any facts relating to this investigation, or purchased Semiconductor shares, you can assist this investigation by visiting contacting the firm. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.