NEW YORK, April 8, 2020 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of iQIYI, Inc. ("iQIYI" or the "Company") (NASDAQ: IQ). Investors who purchased iQIYI securities, including iQIYI American Depositary Shares (ADSs), may be affected.
On April 7, 2020, Wolfpack Research published a report accusing Chinese streaming platform iQIYI of fraud. Among other things the Wolfpack Research report states that iQIYI "massively [inflated] its user numbers and revenue while at the same time hiding the fraud from auditors and investors by overpaying for content, acquisitions and other assets." Further, Wolfpack Research reportedly states "iQIYI is nearing its 10-year anniversary and it has never been profitable and its losses are accelerating."
Following this news, iQIYI shares fell by over 5% in midday trading on April 8, 2020.
If you purchased iQIYI shares and would like to discuss our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this investigation, your rights, or your interests, please contact:
Frederic S. Fox
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(646) 315-9003
E-mail: ffox@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4700
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
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SOURCE Kaplan Fox & Kilsheimer LLP