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Lawsuit filed for Investors in shares of Baidu, Inc. (NASDAQ: BIDU)

04-28-2020 10:21 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

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

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

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

Investors who purchased shares of Baidu, Inc. (NASDAQ: BIDU) have certain options and for certain investors are short and strict deadlines running. Deadline: June 22, 2020. NASDAQ: BIDU investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

China based Baidu, Inc. provides Internet search services in China and internationally. Baidu, Inc reported that its annual Total Revenue rose from over 102.27 billion CNY in 2018 to 107.41 billion CNY in 2019, and that its Net Income declined from 27.57 billion CNY in 2018 to 1.98 billion CNY in 2019.

On April 7, 2020, China's internet regulator, the Cyberspace Administration of China ("CAC"), stated that search engine Baidu's content review on some of its news feed channels is not "strict," "exerted bad influence to the society," and violated relevant Chinese laws and regulations. The CAC ordered Baidu to clean up improper information. Baidu stated it would suspend operations of some mobile app channels.

The plaintiff claims that between March 16, 2019, and April 7, 2020, the defendants made false and/or misleading statements and/or failed to disclose that Baidu's feed services were not in compliance with applicable Chinese regulatory standards, that 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, that accordingly, the Company's revenues derived from its online marketing services were unlikely to be sustainable, and that as a result, the Company's public statements were materially false and misleading at all relevant times.

Those who purchased shares of Baidu, Inc. (NASDAQ: BIDU) 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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