The Law Offices of Frank R. Cruz Announces Investigation on Behalf of iQIYI Inc. Investors (IQ)
April 21 2020 - 8:40PM
Business Wire
The Law Offices of Frank R. Cruz announces an investigation on
behalf of iQIYI Inc. ("iQIYI" or the Company") (NASDAQ: IQ)
investors concerning the Company and its officers’ possible
violations of federal securities laws.
If you are a shareholder who suffered a loss, click here to
participate.
On 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 (“Wolfpack"), a global
financial research and due diligence firm, published a report
alleging that the Company “was committing fraud well before its IPO
in 2018 and has continued to do so ever since.” Wolfpack estimates
that the Company 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%.
On this news, the Company’s share price fell $0.79, or over 4%,
to close at $16.51 per share on April 8, 2020, thereby injuring
investors.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased iQIYI securities, have information or would
like to learn more about these claims, or have any questions
concerning this announcement or your rights or interests with
respect to these matters, please contact Frank R. Cruz, of The Law
Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los
Angeles, California 90067 at 310-914-5007, by email to
info@frankcruzlaw.com, or visit our website at
www.frankcruzlaw.com. If you inquire by email please include your
mailing address, telephone number, and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20200421005954/en/
The Law Offices of Frank R. Cruz, Los Angeles Frank R. Cruz,
310-914-5007 fcruz@frankcruzlaw.com www.frankcruzlaw.com
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