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Baidu, Inc. (NASDAQ: BIDU) Investor Securities Class Action Lawsuit 08/19/2020

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Lawsuit Overview

Company
Baidu.com, Inc. (ADR)
Security
NASDAQ: BIDU

Case Name
Baidu.com Shareholder Class Action Lawsuit 08/19/2020
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Eastern District of New York

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Summary

August 19, 2020 - An investor in shares of Baidu, Inc. (NASDAQ: BIDU) filed a lawsuit in the U.S. District Court for the Eastern District of New York over alleged violations of Federal Securities Laws by Baidu, Inc. in connection with certain allegedly false and misleading statements made between April 8, 2016 and August 13, 2020.

China based Baidu, Inc. provides Internet search services in China and internationally.

Baidu, Inc reported that its annual Total Revenue rose from over 102.27 billion CNY in 2018 to 107.41 billion CNY in 2019, and that its Net Income declined from 27.57 billion CNY in 2018 to 1.98 billion CNY in 2019.

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. Baidu, Inc founded iQIYI in 2010 and currently owns a 56% controlling interest in iQIYI.

Shares of Baidu, Inc. (NASDAQ: BIDU) declined from $128.25 per share on August 12, 2020 to $115.59 per share on August 14, 2020.

According to the complaint the plaintiff alleges on behalf of purchasers of Baidu, Inc. (NASDAQ: BIDU) common shares between April 8, 2016 and August 13, 2020, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between April 8, 2016 and August 13, 2020, the defendants made false and/or misleading statements and/or failed to disclose that Baidu misrepresented the financial and business condition of iQIYI, that iQIYI had inadequate controls, and that as a result, defendants’ public statements were materially false and/or misleading at all relevant times.