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China TechFaith Wireless Ltd. (CNTF)

Securities Class Action

Overview

Overview

  • Date:
  • 1/10/19
  • Company Name:
  • China TechFaith Wireless Ltd.
  • Stock Symbol:
  • CNTF
  • Class Period:
  • FROM 7/12/18 TO 12/19/18
  • Status:
  • Closed/Complete
  • Court:
  • U.S. District Court: Eastern District of New York

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NEW YORK, January 10, 2019 - According to the lawsuit, defendants made false and/or misleading statements and/or failed to disclose that: (1) China Techfaith's agreement to sell its wholly-owned subsidiary would not be as lucrative as it led investors to believe; (2) China Techfaith failed to adequately disclose that changing market conditions would negatively impact profitability; and (3) as a result, defendants' statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.