SEC Alert! SEC Charges Cheetah Mobile’s CEO and its Former President with Insider Trading.

Source: https://www.sec.gov/news/press-release/2022-169

Without admitting or denying the SEC’s findings, Sheng Fu and Ming Xu agreed to cease-and-desist orders, undertakings relating to their future securities trading, and to pay civil penalties of $556,580 and $200,254, respectively.

According to the SEC’s order, in 2016, Sheng Fu and Ming Xu sold 96,000 Cheetah Mobile American Depository Shares under the trading plan and avoided losses of approximately $203,290 and $100,127, respectively. Cheetah Mobile is based in China and offers various technology products, including mobile games and other applications.

The order also finds that Sheng Fu made materially misleading public statements about Cheetah Mobile’s revenue trends during the company’s March 2016 earnings call and caused the company’s failure to disclose a material negative revenue trend in its April 2016 annual report.

So much for moving away from companies admitting or denying findings? Unless this was already in 'motion' under the 'old way' of looking at things?

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