NEW YORK, April 15, 2020 (GLOBE NEWSWIRE) -- Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of iQIYI, Inc. (NASDAQ: IQ) resulting from allegations that iQIYI may have issued materially misleading business information to the investing public.
On April 7, 2020, Wolfpack Research released a report alleging that “IQ 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 8-13 billion, or 27%-44%, by overstating its user numbers by approximately 42%-60.
On this news, iQIYI ADSs fell $0.99 per share over the rest of the trading day and the next full trading day, or over 5%, to close at $16.51 per share on April 8, 2020, damaging investors.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by iQIYI investors. If you purchased shares of iQIYI please visit the firm’s website at http://www.rosenlegal.com/cases-register-1834.html to join the class action. You may also contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via email at pkim@rosenlegal.com or cases@rosenlegal.com.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has secured hundreds of millions of dollars for investors.
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Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com
