A securities class action has been filed in the USDC — E.D.N.Y. against AXT, Inc. (AXTI) (“AXT” or the “Company”), on behalf of all persons or entities that purchased or otherwise acquired AXT securities publicly traded on the NASDAQ between March 24, 2021 and April 3, 2024, both dates inclusive (the “Class Period”).

Defendant AXTI describes itself as a “worldwide materials science company that develops and produces high-performance compound and single element semiconductor substrates, also known as wafers. Two of our consolidated subsidiaries produce and sell certain raw materials some of which are used in our substrate manufacturing process and some of which are sold to other companies.”

The complaint alleges that defendants throughout the Class Period made materially false and/or misleading statements and/or failed to disclose that:

 (1) AXT, Inc. overstated its property holdings;

(2) the Company did not disclose that the attempted listing of an AXT, Inc. subsidiary in China had reportedly failed;

(3) AXT, Inc. routinely engaged in environmental violations and unsafe business practices;

(4) AXT’s production declined in 2023; and

(5) as a result, Defendants’ statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all times. When the true details entered the market, the lawsuit claims that investors suffered damages.

If you purchased AXT securities during the class period and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information”.

About Lowey Dannenberg

Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has previously recovered billions of dollars on behalf of investors.