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Lawsuit filed for Investors in shares of iQIYI, Inc. (NASDAQ: IQ)

04-22-2020 09:59 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in iQIYI, Inc. (NASDAQ: IQ) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in iQIYI, Inc. (NASDAQ: IQ) shares over alleged securities laws violations.

An investor, who purchased shares of iQIYI, Inc. (NASDAQ: IQ), filed a lawsuit over alleged Securities Laws violations by iQIYI, Inc.

Investors who purchased shares of iQIYI, Inc. (NASDAQ: IQ) have certain options and for certain investors are short and strict deadlines running. Deadline: June 15, 2020. NASDAQ: IQ investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

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").

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%".

The plaintiff claims that between March 29, 2018 and April 7, 2020, the defendants made false and/or misleading statements and/or failed to disclose that iQIYI inflated its revenue figures, that iQIYI inflated its user numbers, that iQIYI inflated its expenses to cover up other fraud, and that as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. According to the suit, these true details were disclosed by a market research firm.

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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