NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against iQIYI, Inc. (NASDAQ: IQ) on behalf of iQIYI stockholders. Our investigation concerns whether iQIYI has violated the federal securities laws and/or engaged in other unlawful business practices.
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On or around March 29, 2018, iQIYI conducted its initial public offering (“IPO”), issuing 125,000,000 American Depositary Shares (“ADSs”) priced at $18.00 per share.
Then, on April 7, 2020, Wolfpack Research (“Wolfpack"), a global financial research and due diligence firm, published a report alleging that iQIYI “was committing fraud well before its IPO in 2018 and has continued to do so ever since.” Wolfpack estimates that the Company inflated its 2019 revenue by approximately RMB 8 billion to RMB 13 billion, or 27% to 44%, by overstating its user numbers by approximately 42% to 60%.
Following publication of the Wolfpack report, iQIYI’s ADS price fell $0.79 per share, or 4.57%, to close at $16.51 per share on April 8, 2020.
If you purchased or otherwise acquired iQIYI shares and suffered a loss, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato or Marion Passmore by email at email@example.com, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.