LOS ANGELES, Aug. 18, 2020 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Baidu Inc. ("Baidu" or the "Company") (NASDAQ: BIDU) investors that the firm has initiated an investigation into possible securities fraud, and may file a class action on behalf of investors. The investigation focuses on news resulting from allegations that Baidu may have issued materially misleading business information to the investing public.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
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.
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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.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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