NEW ORLEANS, June 14, 2020 /PRNewswire/ -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have only until June 15, 2020 to file lead plaintiff applications in securities class action lawsuits against iQIYI, Inc. (NasdaqGS: IQ), if they purchased the Company's securities between March 29, 2018 and April 7, 2020, inclusive (the "Class Period") including securities issued in connection with its March 2018 Initial Public Offering. These actions are pending in the United States District Courts for the Eastern and Southern Districts of New York and Northern District of California.
What You May Do
If you purchased securities of iQIYI and would like to discuss your legal rights and how these cases might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (firstname.lastname@example.org), or visit https://www.ksfcounsel.com/cases/nasdaqgs-iq/ to learn more. If you wish to serve as a lead plaintiff in these class actions by overseeing lead counsel with the goal of obtaining a fair and just resolution, you must request this position by application to the Court by June 15, 2020.
About the Lawsuit
IQIYI and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On April 7, 2020, Wolfpack Research reported that the Company had misled investors and failed to disclose pertinent information generally and in its Registration Statement, including that it had overstated its user numbers by approximately 42%-60%, inflated its revenues by approximately 27%-44%, inflated expenses and prices of assets to conceal its revenue inflation, and issued misleading financial reporting creating the appearance of a cash generative company.
On this news, the price of iQIYI's shares declined, injuring investors.
The first-filed case is Lee v. Iqiyi, Inc. et al, 20cv1830.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking to recover investment losses due to corporate fraud and malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
1100 Poydras St., Suite 3200
New Orleans, LA 70163
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