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Allegations
The filed complaint alleges that AXT, Inc. 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, Inc.’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.