WELLINGTON, Fla., June 09, 2020 (GLOBE NEWSWIRE) -- The Law Firm of Barbuto & Johansson, P.A. 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 the Firm to discuss the case and their position in the class.
During the class period, Baidu shares traded over $166 USD per share and as low as just over $82 USD 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.
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: BARBUTO & JOHANSSON, P.A. RECOMMENDS THAT SHAREHOLDERS WITH LOSSES EXCEEDING $350,000 CONTACT THE FIRM TODAY. Applications for Lead Plaintiff are due on June 22, 2020.
If you purchased shares in Baidu, Inc. within the period set forth above, 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. You can also fill out the form on the Firm’s website at: https://barjolaw.com/case/baidu.
Barbuto & Johansson, P.A.
Anthony Barbuto, Esq.
1-888-715-2520
12773 Forest Hill Blvd., 101
Wellington, FL 33414
www.barjolaw.com