Lead Plaintiff Deadline: 06/22/2020
SUMMARY OF CASE:
A securities class action has been filed against Baidu, Inc. (BIDU) on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired Baidu securities between March 16, 2019 through April 7, 2020. This case has been filed in the USDC – N.D.CA.
The Complaint alleges that on April 7, 2020 , post-market, China’s internet regulator, the Cyberspace Administration of China , stated that search engine Baidu’s content review on some of its news feed channels is not “strict,” “exerted bad influence to the society,” and violated relevant Chinese laws and regulations. The Chinese internet regulator ordered Baidu to clean up improper information and halt the spread of “low-brow content.” As a result, Baidu stated on its mobile app that it would suspend operations of some mobile app channels, without elaborating on when it would resume those operations.
On this news, Baidu’s share price fell $4.46 per share, or 4.38%, to close at $97.33 per share on April 8, 2020 , damaging investors.