CMCM - SEC charges Cheetah Mobile's CEO and its former president with insider trading

• Cheetah Mobile ( NYSE: CMCM ) shares fall premarket as the SEC charged the CEO and the company’s former President with insider trading for selling Cheetah Mobile’s securities.
• In 2016, Sheng Fu and Ming Xu sold 96,000 Cheetah Mobile ADS under the trading plan and avoided losses of ~$203,290 and $100,127, respectively.
• 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.
• 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.
• CMCM -7.90% premarket to $2.65.

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