INVESTOR ALERT - IQIYI INC (IQ) DROPS PREMARKT ON WOLFPACK REPORT: National Litigation Firm Labaton Sucharow Announces Invest...
09 April 2020 - 6:57AM
Business Wire
Labaton Sucharow LLP, a leading and award winning investor
rights law firm, announces it is developing a proprietary
investigation concerning potential securities claims on behalf of
shareholders of IQIYI INC (Ticker: IQ) resulting from allegations
that IQ may have issued materially misleading business information
to the investing public.
IQ is a streaming platform considered to be the “Netflix of
China.”
Wolfpack Research, which describes itself as an “activist
research and due-diligence firm”, released a report on Tuesday,
alleging that iQiyi “was committing fraud well before its IPO
(initial public offering) in 2018 and has continued to do so ever
since.”
The company pushed back against the report and said it believes
it contains “numerous errors, unsubstantiated statements and
misleading conclusions and interpretations.”
In 2018, iQiyi was spun off from Chinese search giant Baidu in a
U.S. IPO that raised over $2.2 billion. Baidu holds a more than 56%
stake in iQiyi. Often dubbed the “Netflix of China”, iQiyi has
become one of the major content streaming platforms in the
country.
Pre-market today, IQ stock was trading down nearly 11%.
If you are a shareholder or option holder that suffered losses
in TAL, and wish to participate, learn more, or discuss the issues
surrounding the investigation, please contact David J. Schwartz
using the toll free number (800) 321-0476 or via email at
dschwartz@labaton.com or recover@labaton.com
About the Firm
Labaton Sucharow LLP is one of the world’s leading complex
litigation firms representing clients in securities, antitrust,
corporate governance and shareholder rights, and consumer
cybersecurity and data privacy litigation. Labaton Sucharow has
been recognized for its excellence by the courts and peers, and it
is consistently ranked in leading industry publications. Offices
are located in New York, NY, Wilmington, DE, and Washington, D.C.
More information about Labaton Sucharow is available at
http://www.labaton.com.
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David Schwartz Phone: (800) 321-0476 Email:
dschwartz@labaton.com or recover@labaton.com
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