AXT, Inc.
Case Overview
Status: | Status: Investigating |
Company Name: | Company Name: AXT, Inc. |
Ticker: | Ticker: AXTI |
Related Attorneys: | Lead Attorneys: Thomas W. Elrod |
Related Practices: | Related Practices: Securities |
The law firm of Kirby McInerney LLP is investigating potential claims against AXT, Inc. (“AXT” or the “Company”) (NASDAQ: AXTI). The investigation concerns whether AXT and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
On April 4, 2024, J Capital Research published a report alleging that while AXT announced that it would be listing its primary subsidiary in Shanghai, the Company’s IPO was blocked by Chinese regulators in March 2023, potentially due to “falsifying data, tax evasion, improper storage of hazardous chemicals, suspicious related-party transactions, IP litigation, and defaulting on wages to employees.” On this news, the price of AXT stock shares declined by $1.73, or approximately 34.9%, from $4.95 on April 3, 2024 to close at $3.22 per share on April 4, 2024.
On April 4, 2024, J Capital Research published a report alleging that while AXT announced that it would be listing its primary subsidiary in Shanghai, the Company’s IPO was blocked by Chinese regulators in March 2023, potentially due to “falsifying data, tax evasion, improper storage of hazardous chemicals, suspicious related-party transactions, IP litigation, and defaulting on wages to employees.” On this news, the price of AXT stock shares declined by $1.73, or approximately 34.9%, from $4.95 on April 3, 2024 to close at $3.22 per share on April 4, 2024.