Semiconductor Manufacturing International Corp. (SMICY)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Semiconductor Manufacturing International Corp. ("Semiconductor" or "the Company") (OTC: SMICY). The investigation concerns whether Semiconductor and certain of its officers and/or directors have violated federal securities laws.
On September 7, 2020, after market hours, Reuters published a report and stated that, "The Trump administration is considering whether to add China’s top chipmaker SMIC to a trade blacklist, a Defense Department official said[.]" Following this news, Semiconductor’s American depositary receipt ("ADR") price dropped $3.08 per share, or over 20%, to close at $12.02 on September 8, 2020. Then on September 26, 2020, Reuters said, "The United States has imposed restrictions on exports to China’s biggest chip maker SMIC after concluding there is an ‘unacceptable risk’ equipment supplied to it could be used for military purposes." Following this news, Semiconductor’s ADR price dropped during intraday trading 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 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.