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NEW YORK, Dec. 6, 2021 /PRNewswire/ -- Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the American Depositary Shares ("ADSs") of iQIYI, Inc. ("iQIYI" or "Company") (NASDAQ: IQ) between March 22, 2021 and March 29, 2021, inclusive (the "Class Period"). The lawsuit was filed in the United States District Court for the Southern District of New York and alleges violations of the Securities Exchange Act of 1934.
If you purchased or otherwise acquired iQIYI securities, and/or would like to discuss your legal rights and options, please visit iQIYI, Inc. Shareholder Class Action Lawsuit or contact Joe Seidman toll free at (877) 779-1414 or firstname.lastname@example.org.
According to the complaint, Defendants Goldman Sachs Group Inc. and Morgan Stanley collectively sold a large number of iQIYI shares while in possession of material non-public information obtained pursuant to their agreements with, and from serving as prime brokers for, Archegos Capital Management ("Archegos"). Defendants knew or recklessly disregarded that they owed a fiduciary duty, or obligation arising from a similar relationship of trust and confidence, to Archegos to keep the information confidential.
During March 2021, Goldman Sachs and Morgan Stanley confidentially learned that Archegos had failed, or was likely to fail, to meet a margin call, requiring Archegos to fully liquidate its position in the Company. Trading on this non-public information, Goldman Sachs and Morgan Stanley avoided billions of dollars in losses on their iQIYI investments by selling Company securities in late March 2021 before the market learned of Archegos' difficulties. When this information reached the market, the price of iQIYI securities fell sharply, damaging Company investors.
If you wish to serve as lead plaintiff, you must move the Court no later than January 31, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or otherwise acquired iQIYI securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/iqiyiinc-iq-shareholder-lawsuit-class-action-fraud-stock-464/ or contact Joe Seidman toll free at (877) 779-1414 or email@example.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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