(NASDAQ GS: BIDU)
Attention investors who purchased shares of Baidu, Inc. between March 16, 2019 and April 7, 2020:
Rigrodsky & Long is investigating claims brought in a securities fraud class action complaint against Baidu, Inc. ("Baidu" or the "Company") concerning whether Baidu and certain of the Company's directors and/or officers made materially false and misleading statements and failed to disclose materially adverse facts during the period of March 16, 2019 and April 7, 2020, inclusive (the "Class Period"), concerning Baidu's business, operations, and prospects. These misrepresentations and omissions artificially inflated the price of Baidu's shares throughout the Class Period.
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Northern District of California on behalf of all persons or entities that purchased the American Depositary Receipts (“ADRs”) of Baidu, Inc. (“Baidu” or the “Company”) (NASDAQ GS: BIDU) between March 16, 2019 and April 7, 2020, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”)
If you purchased ADRs of Baidu during the Class Period, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Seth D. Rigrodsky or Timothy J. MacFall at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 1220, Wilmington, DE 19801, by telephone at (888) 969-4242, by e-mail at email@example.com.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (i) Baidu's feed services were not in compliance with applicable Chinese regulatory standards; (ii) the foregoing noncompliance subjected the Company to a heightened risk of regulatory enforcement, including the removal or suspension of certain of Baidu's services and products; (iii) accordingly, the Company's revenues derived from online marketing services were unlikely to be sustainable; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times. As a result of defendants’ alleged false and misleading statements, the Company’s ADRs traded at artificially inflated prices during the Class Period.
According to the Complaint, on April 7, 2020, post-market, China's internet regulator, the Cyberspace Administration of China ("CAC"), ordered Baidu to clean up improper information and halt the spread of "low-brow content." Specifically, the CAC stated that search engine Baidu's content review on some of its news feed channels is not "strict," "exerted bad influence to the society," and violated relevant Chinese laws and regulations.
On this news, ADRs of Baidu fell over 4%, closing at $97.33 per share on April 8, 2020, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than June 22, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Rigrodsky & Long, P.A., with offices in Delaware and New York, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in numerous cases nationwide, including federal securities fraud actions, shareholder class actions, and shareholder derivative actions.
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