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 ([email protected]) 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.
Johnson Fistel, LLP
Jim Baker, 619-814-4471
[click here to join this action].
SOURCE Johnson Fistel, LLP