NEW YORK, NY / ACCESSWIRE / April 13, 2020 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of iQIYI, Inc. ("iQIYI" or "the Company") (NASDAQ:IQ). Investors who purchased iQIYI securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/iq.
The investigation concerns whether iQIYI and certain of its officers and/or directors have violated federal securities laws.
On or around March 29, 2018, iQIYI conducted its initial public offering ("IPO"), issuing 125,000,000 American Depositary Shares ("ADSs") priced at $18.00 per share. Then, on April 7, 2020, Wolfpack Research, a global financial research and due diligence firm, published a report alleging that iQIYI "was committing fraud well before its IPO in 2018 and has continued to do so ever since." Wolfpack estimates that iQIYI inflated its 2019 revenue by approximately RMB 8 billion to RMB 13 billion, or 27% to 44%, by overstating its user numbers by approximately 42% to 60%. Following publication of the report, iQIYI's ADS price fell $0.79 per share, or 4.57%, to close at $16.51 per share on April 8, 2020, damaging investors.
If you are aware of any facts relating to this investigation, or purchased iQIYI shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/iq. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
SOURCE: Bronstein, Gewirtz and Grossman, LLC
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