The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Baidu, Inc. ( Goldman Sachs Group Inc.) (NASDAQ: BIDU) who purchased shares between March 22, 2021 and March 29, 2021. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
According to the filed complaint: Goldman Sachs Group Inc. and Morgan Stanley sold a large number of Baidu shares while in possession of material non-public information. The defendants knew that Archegos Capital Management would need to fully liquidate its position in Baidu based on margin call pressures. The defendants avoided billions in losses by selling the Company’s shares while in possession of this information. When the market learned the truth about Baidu, investors suffered damages.
Shareholders have until February 14, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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