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SHAREHOLDER ALERT: Pomerantz Law Firm Announces Filing of Class Action Lawsuit Against AXT, Inc.

NEW YORK, May 16, 2024 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against AXT, Inc. (“AXT” or the “Company”) (NASDAQ: AXTI). These investors are advised to contact Danielle Peyton at (email protected) or 646-581-9980 (or 888.4-POMLAW), toll-free, Ext. 7980. Those inquiring by email are encouraged to include their mailing address, telephone number and number of shares purchased.

The class action involves whether AXT and certain of its officers and/or directors engaged in securities trading. fraud or other illegal business practices.

You have until July 5, 2024, to ask the court to appoint you as class lead plaintiff if you are a shareholder who purchased or otherwise acquired AXT securities during the Class Period. A copy of the complaint can be obtained from at www.pomerantzlaw.com.

(Click here to learn how to join the class action)

On April 4, 2024J Capital Research (“J Capital”) issued a report regarding AXT, alleging, among other things, that the U.S.-listed company conducts substantially all of its business operations through a subsidiary in the United States. United. China and “wants to register this subsidiary in Shanghai to capture new financing”, but “the listing prospectus attracted unexpected scrutiny and revealed a plethora of undisclosed issues in China. » In particular, J Capital alleged that it “uncovered a barrage of reasons why Chinese regulators potentially blocked this IPO, including data falsification, tax evasion, improper storage of dangerous chemicals, suspicious related party transactions, intellectual property disputes and non-payment of employee salaries.

On this news, the AXT 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, ParisAnd Tel Aviv, is recognized as a leading firm in the areas of corporate, securities and antitrust class litigation. Founded by fire Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz was a pioneer in the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he established, fighting for the rights of securities victims. fraud, breaches of fiduciary duties and corporate malpractice. The firm has recovered billions of dollars in damages on behalf of class members. See www.pomlaw.com.

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CONTACT:
Danielle Peyton
Pomerantz LLP
(email protected)
646-581-9980 ext. 7980

SOURCE Pomerantz LLP