WELLINGTON, Fla., June 04, 2020 (GLOBE NEWSWIRE) -- Barbuto & Johansson, P.A. (“BARJO”) and Of Counsel, Neil Rothstein, Esq. (with over 30 years of Securities Class Action Experience, including cases against ENRON and Halliburton) informs investors that a class action lawsuit has been filed on behalf of purchasers of the securities of Baidu, Inc. (NASDAQGS: BIDU). Purchasers of Baidu securities from March 16, 2019 to April 7, 2020 (the “Class Period”) are encouraged to contact BARJO attorneys to discuss the case and their legal rights.
During the class period, Baidu shares traded over $166 per share and as low as just over $82 per share - a drop in price of over 50 percent. The lawsuit alleges that Baidu and its senior management failed to disclose to investors that Baidu’s feed services were not in compliance with Chinese regulatory standards and that such noncompliance subjected the Company to a heightened risk of regulatory enforcement, including the removal or suspension of certain of Baidu’s services and products, which would adversely impact marketing revenues.
Baidu reported that it had accused a former executive, the Vice President of Finance, to the police for corruption, although it did not disclose the nature of this corruption.
On April 7, 2020, China’s internet regulator, the Cyberspace Administration of China (“CAC”), announced that Baidu had failed to implement “strict” content review on its news feed channels, and that the Company’s violation of Chinese laws and regulations “exerted bad influence to the society.” Baidu then announced the suspension of some of its mobile app channels.
PLEASE NOTE: BARJO RECOMMENDS THAT SHAREHOLDERS CONTACT THE FIRM TODAY in light of the upcoming June 22, 2020 deadline to file applications for Lead Plaintiff.
If you purchased shares in Baidu, Inc. within the period set forth above (03/16/2019 to 04/07/2020, you may, at no obligation or cost, contact the Firm’s Managing Partner, Anthony Barbuto, at (888) 715-2520 or via email at anthony@barjolaw.com; or Neil Rothstein by email at neil@barjolaw.com.
Anthony Barbuto, Esq.
1-888-715-2520
12773 Forest Hill Blvd., 101
Wellington, FL 33414
www.barjolaw.com