LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a national investors rights law firm, 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.
If you suffered a loss on your Baidu investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information here or contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, via email firstname.lastname@example.org or visit our website at www.glancylaw.com to learn more about your rights.
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 during the Class Period, you may move the Court no later than June 22, 2020 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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