Actionable news
All posts from Actionable news
Actionable news in CMCM: CHEETAH MOBILE Inc,

Prescience Point Issues a Negative Report on Cheetah Mobile (NYSE: CMCM)

- CMCM recently invested $40m into OrionStar, a company owned by CMCM's CEO. At the time the deal was announced, OrionStar had existed for only 8 months, casting serious doubt on the legitimacy of its lofty ~$100m pre-money valuation. Separately, SEC filings indicate that insiders have sold $17.3m worth of CMCM stock over the past 5 months.

- CMCM's Beijing-based auditor E&Y Hua Ming was the auditor of record for Sino-Forest and many other now-defunct Chinese companies accused of fraud, such as SinoTech Energy and China Agritech. Former CMCM CFO Mr. Ka Wei Andy Yeung, a seasoned US-trained executive, suddenly departed CMCM in March.

- Prescience Point's FOIA requests to the SEC regarding CMCM returned an Exemption (b)(7)(A) denial.

- Facebook, CMCM's largest customer, has been phasing out CMCM from its ad network.

- Prescience Point is the research publication arm of Prescience Investment Group, a firm registered with FINRA