Los Angeles, California–(Newsfile Corp. – April 8, 2020) – The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of iQIYI, Inc. (NASDAQ: IQ) (“iQIYI” or “the Company”) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. iQIYI is the subject of a report by Wolfpack Research released on April 7, 2020. According to the report, “IQ was committing fraud well before its IPO in 2018 and has continued to do so ever since.” Wolfpack Research alleges that the Company inflated its 2019 revenue figure by 27% to 44% and overstating its user numbers by 42% to 60%. Based on this report, shares of iQIYI fell sharply in intraday trading on April 8, 2020.
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We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm’s website at www.schallfirm.com, or by email at [email protected].
The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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The Schall Law Firm
Brian Schall, Esq.
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