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Baidu Shareholder Notice: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $100,000 In Baidu, Inc. To Contact The Firm
June 15, 2020 12:08 PM EDT | Source: Faruqi & Faruqi LLP
New York, New York--(Newsfile Corp. - June 15, 2020) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Baidu, Inc. (NASDAQ: BIDU) ("Baidu" or the "Company") of the June 22, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
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If you invested in Baidu stock or options between March 16, 2019 and April 7, 2020 and would like to discuss your legal rights, click here: www.faruqilaw.com/BIDU. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased Baidu securities between March 16, 2019 and April 7, 2020 (the "Class Period"). The case, Ikeda v. Baidu, Inc. et al., No. 5:20-cv-02768 was filed on April 21, 2020, and has been assigned to Judge Lucy Koh.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Baidu's feed services were not in compliance with applicable Chinese regulatory standards; (2) 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) 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.
On April 7, 2020, post-market, China's internet regulator, the Cyberspace Administration of China ("CAC"), ordered Baidu to clean up improper information and halt the spread of "low-brow content." Specifically, the CAC stated that search engine Baidu's content review on some of its news feed channels is not "strict," "exerted bad influence to the society," and violated relevant Chinese laws and regulations.
On this news, the Company's stock price fell from $101.79 per share on April 7, 2020 to $97.33 per share on April 8, 2020: a $4.46 or 4.38% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Baidu's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/57826