NEW YORK, Dec. 19, 2021 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against iQIYI, inc. (“iQIYI” or the “Company”) (NASDAQ: IQ) in the United States District Court for the Southern District of New York on behalf of all persons and entities who purchased or otherwise acquired iQIYI securities between March 22, 2021 and March 29, 2021, both dates inclusive (the “Class Period”). Investors have until January 31, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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Both Goldman Sachs and Morgan Stanley are global financial services institutions that served as prime brokers for Archegos Capital Management (“Archegos”), a family office with $10 billion under management, helping Archegos make trades and lending it capital in the form of margin lending.
According to the Complaint, Goldman Sachs and Morgan Stanley sold a large amount of iQIYI shares during the Class Period while in possession of material, non-public information about Archegos and its need to fully liquidate its position in the Company because of margin call pressure. As a result of these sales, Defendants Goldman Sachs and Morgan Stanley avoided billions in losses combined.
If you purchased or otherwise acquired iQIYI shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Alexandra Raymond by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Alexandra B. Raymond, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
