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Investigation announced for Investors in shares of iQIYI, Inc. (NASDAQ: IQ)

04-14-2020 10:03 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

An investigation for investors in iQIYI, Inc. (NASDAQ: IQ) shares over potential securities laws violations by iQIYI, Inc.

An investigation for investors in iQIYI, Inc. (NASDAQ: IQ) shares over potential securities laws violations by iQIYI, Inc.

An investigation was announced over potential securities laws violations by iQIYI, Inc. in connection with certain financial statements.

Investors who purchased shares of iQIYI, Inc. (NASDAQ: IQ), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm focuses on whether a series of statements by iQIYI, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

China based iQIYI, Inc., together with its subsidiaries, provides online entertainment services under the iQIYI brand in China. iQIYI, Inc. went public in March 2018 and sold roughly 125 million shares at $18 per share in its initial public offering ("IPO").

iQIYI, Inc. reported that its annual Total Revenue rose from over 24.98 billion CNY in 2018 to over 28.99 billion CNY in 2019, and that its Net Loss increased from over 9.1 billion CNY in 2018 to over 10.32 billion CNY in 2019.

On April 7, 2020, a report was published entitled "iQIYI: The Netflix of China? Good Luckin." wherein it detailed a series of alarming red flags about iQIYI.
Specifically, the report stated, "Our research shows us that iQIYI, Inc. ("IQ") was committing fraud well before its IPO in 2018 and has continued to do so ever since. Like so many other China-based companies who IPO with inflated numbers, IQ is unable to legitimately grow their business enough to true up their financial statements. We estimate IQ inflated its 2019 revenue by approximately RMB 8-13 billion, or 27%-44%".

Shares of iQIYI, Inc. (NASDAQ: IQ) declined to as low as $14.51 per hsare on April 7, 2020.

Those who purchased shares of iQIYI, Inc. (NASDAQ: IQ) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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