The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Baidu, Inc. (NASDAQ: BIDU) who purchased shares between March 16, 2019 and April 7, 2020. The action, which was filed in the United States District Court for the Northern District of California, alleges that the Company violated federal securities laws.
In particular, the Baidu, Inc. lawsuit alleges that (i) Baidu’s feed services were not in compliance with applicable Chinese regulatory standards; (ii) the foregoing noncompliance subjected the Company to a heightened risk of regulatory enforcement, including the removal or suspension of certain of Baidu’s services and products; (iii) accordingly, the Company’s revenues derived from online marketing services were unlikely to be sustainable; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Shareholders have until June 22, 2020 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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