The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of iQIYI, Inc. (NASDAQ: IQ) who purchased (a) iQIYI American Depository Shares pursuant and/or traceable to the Company’s initial public offering conducted on or about March 29, 2018; or (b) iQIYI securities between March 29, 2018, and April 7, 2020. The action, which was filed in the United States District Court for the Eastern District of New York, alleges that the Company violated federal securities laws.
In particular, the iQIYI lawsuit alleges that (1) iQIYI inflated its revenue figures; (2) iQIYI inflated its user numbers; (3) iQIYI inflated its expenses to cover up other fraud; and (4) as a result, Defendants’ public statements were materially false and misleading at all relevant times.
Shareholders have until June 15, 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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