NEW YORK, Nov. 25, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of iQIYI, Inc. ("iQIYI" or the "Company") (NASDAQ: IQ). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Goldman Sachs Group Inc. ("Goldman Sachs") and/or Morgan Stanley and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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According to media reports, in March 2021, Goldman Sach and Morgan Stanley confidentially learned that the family office Archegos Capital Management ("Archegos") had failed or was likely to fail to meet a margin call, requiring Archegos to liquidate its position in various companies, including iQiyi. Trading on this non-public information, Goldman Sachs and Morgan Stanley reportedly avoided billions of dollars in losses on their iQiyi investments by selling Company securities in late March 2021 before the market learned of Archegos's difficulties. When this information reached the market, the price of iQiyi securities fell sharply, damaging Company investors.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
