NEW YORK, Aug. 27, 2020 (GLOBE NEWSWIRE) -- Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, is reminding investors that class action lawsuits are pending against Baidu, Inc. (“BIDU” or the “Company”) (NASDAQ: BIDU) and certain of its officers and directors alleging violations of federal securities laws. If you purchased Baidu securities between April 8, 2016 and August 13, 2020, inclusive (the “Class Period”), you are encouraged to contact a Scott+Scott attorney for additional information at (844) 818-6980 or rswartz@scott-scott.com.
Baidu purports to provide Internet search services in China and internationally. It operates through two segments, one of which is iQIYI, Inc. (“iQIYI”). iQIYI provides online entertainment services, including original and licensed content; membership services; and online advertising services.
According to the Complaint, Baidu made false and misleading statements to investors during the Class Period and misrepresented iQIYI’s financial and business condition, and internal controls.
On April 7, 2020, Wolfpack Research released a report detailing, among other things, how iQIYI had misled investors and failed to disclose pertinent information generally and in filings with the U.S. Securities and Exchange Commission (“SEC”), including: (i) iQIYI overstating its user numbers; (ii) iQIYI inflating its revenues; (iii) iQIYI inflating expenses and prices of assets to conceal its revenue inflation; and (iv) iQIYI misleading financial reporting creating the appearance of a cash generative company.
On this news, the price of Baidu American Depository Shares (“ADSs”) fell $4.46 per ADS, or 4%, to close at $97.33 per ADS on the next full trading day, April 8, 2020.
Then, on August 13, 2020, iQIYI issued a press release entitled iQIYI Announces Second Quarter 2020 Financial Results and disclosed that the SEC was seeking production records related to the Wolfpack Research report.
On this news, Baidu’s ADSs fell $7.83 per ADS, or 6%, to close at $116.74 per ADS on August 14, 2020.
What You Can Do
If you purchased Baidu ADSs between April 8, 2016 and August 13, 2020, or if you have questions about this notice or your legal rights, you are encouraged to contact Rhiana Swartz at (844) 818-6980 or rswartz@scott-scott.com. The lead plaintiff deadline is October 19, 2020.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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CONTACT:
Rhiana Swartz
Scott+Scott Attorneys at Law LLP
230 Park Avenue, 17th Floor, New York, NY 10169-1820
(844) 818-6980
rswartz@scott-scott.com