NEW YORK–(BUSINESS WIRE)–$IQ #classaction–The law firm of Kirby McInerney LLP is investigating potential claims against iQIYI, Inc. (“iQIYI” or the “Company”) (NASDAQ: IQ). The investigation concerns whether iQIYI and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On August 13, 2020, iQIYI issued a press release announcing the Company’s financial results for the second quarter of 2020. Among other results, iQIYI disclosed that the Securities and Exchange Commission’s Division of Enforcement “is seeking the production of certain financial and operating records dating from January 1, 2018, as well as documents related to certain acquisitions and investments that were identified in a report issued by short-seller firm Wolfpack Research in April 2020.” On this news, iQIYI’s American depositary receipt (“ADR”) price fell $2.42 per ADR, or 11.16%, to close at $19.26 per ADR on August 14, 2020.
If you purchased or otherwise acquired iQIYI securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
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