SAN DIEGO, April 9, 2020 /PRNewswire/ -- Shareholder rights
law firm Johnson Fistel, LLP is investigating potential violations
of the federal securities laws by iQIYI, Inc. ("iQIYI" or "the
Company") (NASDAQ: IQ).
On April 7, 2020, Wolfpack
Research ("Wolfpack ") published a report entitled "iQIYI: The
Netflix of China? Good Luckin."
wherein Wolfpack detailed a series of alarming red flags about
iQIYI.
Specifically, Wolfpack, in its report, stated,
"Our research shows us that iQIYI, Inc. ("IQ") was committing
fraud well before its IPO in 2018 and has continued to do so ever
since. Like so many other China-based companies who IPO with inflated
numbers, IQ is unable to legitimately grow their business enough to
true up their financial statements. We estimate IQ inflated
its 2019 revenue by approximately RMB
8-13 billion, or 27%-44%".
Following this news, the Company's stock price fell sharply on
April 8, 2020.
If you have information that could assist in this
investigation, including past employees and others, or if you are
an iQIYI shareholder and are interested in learning more about the
investigation, please contact lead analyst Jim Baker (jimb@johnsonfistel.com) by email
or phone at 619-814-4471. If emailing, please include a phone
number.
Additionally, you can [click here to join this
action]. There is no cost or obligation to you.
About Johnson Fistel,
LLP:
Johnson Fistel, LLP is a nationally
recognized shareholder rights law firm with offices in California, New
York and Georgia. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits. For more
information about the firm and its attorneys, please visit
http://www.johnsonfistel.com. Attorney advertising. Past results do
not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
[click here to join this action].
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SOURCE Johnson Fistel, LLP