Michael has over 20 years of experience representing individual and small business plaintiffs against the world’s large financial institutions, including Visa, Mastercard, and Chase.
On February 21, 2020, Cheetah Mobile announced that it had been informed by Google that its Google Play Store, Google AdMob, and Google AdManager accounts have been disabled, and its contracts with these accounts will be terminated. The company expects that this will adversely effect its ability to attract new users and generate revenue. On this news, Cheetah Mobile stockdropped over 15%. Investors in Cheetah Mobile may have a claim.
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Cheetah Mobile Stock News: CMCM Stock Drops Over 15% on Cancelled Google Contracts
In a press release dated February 21, 2020, Cheetah Mobile announced that Google disabled its Google Play Store, Google AdMob, and Google AdManager accounts, and will terminate its associated contracts.
22.6% of Cheetah Mobile’s revenue in the first nine months of 2019 reportedly came from Google. This includes revenues from the company’s mobile advertising business, as well as the purchasing of virtual items by users via Google. According to the company, termination of the Google contracts may affect its ability to attract new users and generate revenue from Google.
According to the press release, Google made the decision to disable Cheetah Mobile’s accounts because some of the company’s apps were not compliant with Google’s policies. While the company hopes to appeal this decision, it stated,
…the appealing process could be time-consuming, and the Company cannot guarantee that its appeals will be successful.
On this news, Cheetah Mobile stock fell over 15%, significantly harming investors. If you invested in CMCM, you may have a claim.
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