BENSALEM, Pa.–(BUSINESS WIRE)–$BIDU #fraud–Law Offices of Howard G. Smith announces an investigation on behalf of Baidu, Inc. (“Baidu” or the “Company”) (NASDAQ: BIDU) investors concerning the Company’s possible violations of federal securities laws.
On August 13, 2020, after the market closed, iQIYI announced that the U.S. Securities & Exchange Commission sought “the production of certain financial and operating records dating from January 1, 2018, as well as documents related to certain acquisitions and investments that were identified in a report issued by short-seller firm Wolfpack Research in April 2020.” Baidu founded iQIYI in 2010 and currently owns a 56% controlling interest in iQIYI.
On this news, the Company’s shares fell as much as $8.51, or nearly 7%, during intraday trading on August 14, 2020.
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 [email protected], or visit our website at www.howardsmithlaw.com.
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