Case Summary

AXTI

NASDAQ: AXTI

Case Details

  • Nowakowski v. AXT, Inc. et al.
  • Class Period:March 24, 2021 - April 3, 2024
  • Date Filed:May 06, 2024
  • Jurisdiction:U.S. District Court, Eastern District of New york
  • Docket Number: 1:24-cv-03341
  • Lead Plaintiff Deadline: July 5, 2024
Days Left to
Seek Plaintiff
41

Overview

A class action lawsuit has been filed against AXT, Inc. (“AXTI” or the “Company”) (NASDAQ: AXTI) and certain of the Company’s current and former senior executive officers alleging violations of the federal securities laws.  The AXTI class action lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired publicly traded AXTI securities between March 24, 2021, and April 3, 2024, both dates inclusive (the “Class Period”).  Investors have until July 5, 2024, to seek appointment as lead plaintiff of the AXTI class action lawsuit.

AXTI describes itself as a worldwide materials science company that develops and produces high-performance compound and single element semiconductor substrates, also known as wafers.  Two of their consolidated subsidiaries produce and sell certain raw materials, some of which are used in its substrate manufacturing process and some of which are sold to other companies.

The AXTI lawsuit alleges that Defendants, throughout the Class Period, made false and/or misleading statements and/or failed to disclose that: (1) AXTI overstated its property holdings; (2) the Company did not disclose that the attempted listing of an AXTI subsidiary in China had reportedly failed; (3) AXTI routinely engaged in environmental violations and unsafe business practices; (4) AXTI’s production declined in 2023; and (5) as a result, Defendants’ statements about their business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all times.

As alleged in the lawsuit, on April 4, 2024, before the market opened, J Capital Research released a report about AXTI.  The report stated that “Problems have rained down on AXTI in China – where the company has nearly all its operations, but U.S. investors know little of the peril.  AXTI sales have crashed, production plummeted, and environmental problems forced the company to move hazardous chemical operations to a rural county 300 miles from the factory.”  On this news, the price of AXTI stock fell $1.73 per share, or 34.94%, to close at $3.22 per share on April 4, 2024.  The next day, AXT’s stock fell $0.11, or 3.4%, to close at $3.11 per share on April 5, 2024.

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If you purchased or otherwise acquired publicly traded AXTI securities between March 24, 2021 and April 3, 2024, both dates inclusive, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at investors@dicellolevitt.com. 

The deadline to apply to the Court to serve as a lead plaintiff in the AXTI lawsuit is July 5, 2024.

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