IQIYI Inc. The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased IQIYI Inc. (NASDAQ: IQ) securities between March 22, 2021 and March 29, 2021.
According to the IQIYI lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: Goldman Sach and Morgan Stanley confidentially learned that the family office Archegos Capital Management had failed or was likely to fail to meet a margin call, requiring Archegos to liquidate its position in various companies, including iQiyi. Trading on this non-public information, Goldman Sachs and Morgan Stanley reportedly avoided billions of dollars in losses on their iQiyi investments by selling Company securities in late March 2021 before the market learned of Archegos’s difficulties. When this information reached the market, the price of iQiyi securities fell sharply, damaging Company investors.
If you suffered a loss in IQIYI you have until January 31, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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