NEW YORK–(BUSINESS WIRE)–Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Baidu, Inc. (NASDAQ: BIDU) resulting from allegations that Baidu may have issued materially misleading business information to the investing public.
In 2010, Baidu founded iQIYI. Currently, Baidu owns an approximately 56% controlling interest in iQIYI.
On August 13, 2020, after the market closed, 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.”
On this news, Baidu’s American depositary share (“ADS”) price fell $7.83 per ADS, or 6%, to close at $116.74 per ADS on August 14, 2020, damaging investors.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by Baidu’s investors. If you purchased ADSs of Baidu, please visit the firm’s website at http://www.rosenlegal.com/cases-register-1925.html to join the class action. You may also contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via email at email@example.com or firstname.lastname@example.org.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm’s attorneys are ranked and recognized by numerous independent and respected sources. Rosen Law Firm has secured hundreds of millions of dollars for investors.
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