Investors with a $100,000 or more in losses are encouraged to contact the firm before October 19, 2020; click here to submit trade information
LOS ANGELES, Oct. 16, 2020 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Baidu, Inc. (NASDAQ: BIDU) investors that acquired shares between April 8, 2016 and August 13, 2020. Investors have until October 19, 2020 to seek an active role in this litigation.
Baidu founded iQIYI in 2010. Baidu currently owns an approximately 56% controlling interest in iQIYI.
After the market closed on August 13, 2020, iQIYI announced that the U.S. Securities & Exchange Commission sought “the production of certain financial and operating records dating from January 1, 2018, as well as documents related to certain acquisitions and investments that were identified in a report issued by short-seller firm Wolfpack Research in April 2020.”
Baidu’s American depositary share (“ADS”) price fell $7.83 per ADS, or 6%, on this news, to close at $116.74 per ADS on August 14, 2020, damaging investors.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than October 19, 2020.
Please visit our website to review more information and submit your transaction information.
The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.