PHILADELPHIA, May 12, 2020 (GLOBE NEWSWIRE) -- Berger Montague continues its investigation into securities fraud claims against Baidu, Inc. (“Baidu” or the “Company”) on behalf of all purchasers of Baidu common stock (NASDAQ: BIDU) between March 16, 2019 and April 7, 2020 (the “Class Period”). This investigation has uncovered prior suspensions and censuring by the Chinese regulators charged with overseeing cyberspace.
If you purchased Baidu shares, have information, would like to discuss this investigation, or have any questions concerning your rights or interests, please contact our attorneys Benjamin Galdston, Esq. at (619) 678-0187 or Andrew Abramowitz, Esq. at (215) 875-3015, or visit www.bergermontague.com/baidu-update.
According to the lawsuit, 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.” As a consequence, Baidu announced the suspension of some of its mobile app channels.
On this news, the Company’s share price fell $4.59, or over 4%, to close at $97.33 per share on April 8, 2020.
If you purchased Baidu common stock during the Class Period, you may seek Court appointment as lead plaintiff to represent other injured investors in a class action. The lead plaintiff appointment deadline is June 22, 2020. You do not need to be a lead plaintiff to share in any potential Class recovery.
Whistleblowers: Persons with non-public information regarding Baidu, Inc. should consider their options to help Berger Montague’s investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of successful recoveries obtained by the SEC. For more information, contact us.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for five decades and serves as lead counsel in courts throughout the United States.
Contacts
Benjamin Galdston, Shareholder
Berger Montague
(619) 678-0187
bgaldston@bm.net
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
aabramowitz@bm.net