On behalf of China-based mobile and PC app developer Cheetah Mobile Inc. and current and former corporate officers, Skadden secured a complete dismissal with prejudice of a putative securities class action. The lawsuit related to media coverage of allegations that certain Cheetah Mobile apps used software for an advertising fraud scheme that enabled the company to claim credit and collect fees for app installations that it did not actually facilitate. On July 16, Judge Jesse M. Furman of the U.S. District Court for the Southern District of New York dismissed the case, holding that the statements the plaintiff challenged were not false or misleading and that the plaintiff failed to plead scienter.
Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates