Class Action Alert: Wolf Haldenstein Adler Freeman & Herz LLP reminds investors that a securities class action lawsuit has been filed in the United States District Court for the Eastern District of New York against AXT, Inc.

Upcoming Lead Plaintiff Deadline is July 5, 2024

NEW YORK, May 8, 2024 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP ("Wolf Haldenstein") announces that a federal securities class action lawsuit has been filed against AXT, Inc. ("AXT" or the "Company") (NASDAQ: AXTI) in the United States District Court for the Eastern District of New York on behalf of all persons and entities who purchased or otherwise acquired AXT securities between March 24, 2021 and April 3, 2024, both dates inclusive (the "Class Period").

All investors who purchased shares and incurred losses are advised to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.

If you have incurred losses, you may, no later than July 5, 2024, request that the Court appoint you as the lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.

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On April 4, 2024, J Capital Research released a report about AXT, Inc. (the "Report"). The Report stated in order to capture new financing, AXT had tried to conduct an Initial Public Offering ("IPO") for one
of its subsidiaries in China. However, undisclosed to American investors, the Report stated the "IPO has apparently been blocked by Chinese regulators." J Capital Research then announced that it had "uncovered a deluge of reasons why Chinese regulators potentially blocked this IPO, including falsifying data, tax evasion, improper storage of hazardous chemicals, suspicious related-party transactions, IP litigation, and defaulting on wages to employees."

On this news, AXT's stock fell $1.73 per share, or 35%, 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.

Wolf Haldenstein has experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas, and offices in New York, Chicago, Nashville and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at [email protected].

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774

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SOURCE Wolf Haldenstein Adler Freeman & Herz LLP