BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Baidu, Inc. ("Baidu" or the Company") (NASDAQ: BIDU) securities between March 16, 2019 and April 7, 2020, inclusive (the “Class Period”). Baidu investors have until June 22, 2020 to file a lead plaintiff motion.
Investors suffering losses on their Baidu investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
On April 7, 2020, China’s internet regulator, the Cyberspace Administration of China (“CAC”), announced that Baidu failed to implement “strict” content review on its news feed channels. The CAC further stated that Baidu “exerted bad influence to the society,” and violated relevant Chinese laws and regulations. The Company responded that it would be suspending certain operations in an effort to comply with the CAC.
On this news, the Company’s share price fell $4.59, or over 4%, to close at $97.33 per share on April 8, 2020, thereby injuring investors.
The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose: (1) that Baidu’s feed services were not in compliance with applicable Chinese regulatory standards; (2) 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; (3) that accordingly, the Company’s revenues derived from online marketing services were unlikely to be sustainable; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times.
If you purchased Baidu securities, have information or 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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