ClaimsFiler, a FREE shareholder information service, reminds 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.
iQIYI investors should visit us at https://www.claimsfiler.com/cases/view-iqiyi-inc-american-depositary-shares-securities-litigation or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuits
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.
ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.
To learn more about ClaimsFiler, visit www.claimsfiler.com.
Lewis Kahn, 844-367-9658