WELLINGTON, Fla., May 05, 2020 (GLOBE NEWSWIRE) -- Barbuto & Johansson, P.A. (“BARJO”) reminds investors that they have until June 22, 2020 to contact the Firm to learn more about the class action lawsuit filed against Baidu, Inc. (NASDAQGS:BIDU) and appointment and qualifications to be considered for the role of lead plaintiff. Investors with losses exceeding $350,000 are encouraged to contact the Firm.
According to the lawsuit, during the Class Period of March 16, 2019 and April 7, 2020, Baidu materially misled the investing public regarding its business, operational and compliance policies. It is alleged, in part, that during the Class Period, Baidu failed to disclose that its newsfeed services were not in compliance with applicable Chinese regulatory standards and said noncompliance subjected Baidu to a heightened risk of regulatory enforcement. On April 7, 2020, post-market, China’s Internet regulator stated that Baidu’s content review on some of its newsfeed channels violated relevant Chinese laws. On this news, Baidu’s share price fell more than 4%.
Only two days later, Baidu announced that it had suspended updating its content on certain newsfeed channels to conduct maintenance, and that it expected the suspension to have an “impact on the marketing services revenue related to the suspended channels.”
If you’ve suffered damages from investing in Baidu and would like to discuss your options including petitioning the court for a leadership position, you may, without obligation, contact Anthony Barbuto, at (888) 715-2520 or via email at anthony@barjolaw.com.
BARJO follows the principles set forth in the case Berger v. Compaq, 257 F.3d 475 (5th Cir. 2001) which states “[c]lass action lawsuits are intended to serve as a vehicle for capable, committed advocates to pursue the goals of the class members through counsel, not for capable, committed counsel to pursue their own goals through the class members.” BARJO believes strongly that the choice of qualified lead plaintiff(s) can have a significant impact on the successful outcome of a case.
Barbuto & Johansson, P.A.
Anthony Barbuto, Esq.
12773 W. Forest Hill Blvd., 101
Wellington, FL 33414
1-888-715-2520
www.barjolaw.com