Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Baidu, Inc. (BIDU)

LOS ANGELES--()--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming June 22, 2020 deadline to file a lead plaintiff motion in the class action 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”).

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 shareholders@glancylaw.com 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.

Follow us for updates on LinkedIn, Twitter, or Facebook.

If you purchased or otherwise acquired Baidu securities during the class period, you may move the Court no later than June 22, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, 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 shareholders@glancylaw.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.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com

Release Summary

Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Baidu, Inc. (BIDU)

$Cashtags

Contacts

Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com