NEW ORLEANS--(BUSINESS WIRE)--Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until June 15, 2020 to file lead plaintiff applications in a securities class action lawsuit against iQIYI, Inc. (NasdaqGS: IQ), if they purchased the Company’s securities between March 29, 2018 and April 7, 2020, inclusive (the “Class Period”). This action is pending in the United States District Court for the Eastern District of New York.
What You May Do
If you purchased securities of iQIYI and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (email@example.com), or visit https://www.ksfcounsel.com/cases/nasdaqgs-iq/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by June 15, 2020.
About the Lawsuit
IQIYI and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On April 7, 2020, Wolfpack Research reported that the Company had misled investors and failed to disclose pertinent information generally and in its Registration Statement, including that it had overstated its user numbers by approximately 42%-60%, inflated its revenues by approximately 27%-44%, inflated expenses and prices of assets to conceal its revenue inflation, and issued misleading financial reporting creating the appearance of a cash generative company.
On this news, the price of iQIYI’s shares declined, injuring investors.
The case is Lee v. Iqiyi, Inc. et al, 20cv1830.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.