IQ) SHAREHOLDER CLASS ACTION ALERT: Bernstein Liebhard LLP Announces that a Securities Class Action Lawsuit Has Been Filed Regarding iQIYI, Inc. (NASDAQ: IQ)

NEW YORK, December 6, 2021 / PRNewswire / – Bernstein Liebhard LLP announces that it has filed a class action lawsuit on behalf of investors who have bought or acquired American Depositary Shares (“ADSs”) from iQIYI, Inc. (“iQIYI” or “Company”) was (NASDAQ: IQ) between March 22, 2021 and March 29, 2021, including (the “Class Period”). The lawsuit was filed in The United States District Court for the southern district of new York and alleges violations of the Securities Exchange Act of 1934.

If you have purchased or otherwise acquired iQIYI securities and / or would like to discuss your legal rights and options, please visit or contact iQIYI, Inc. Joe Seidman toll free at (877) 779-1414 or [email protected].

According to the lawsuit, Defendants Goldman Sachs Group Inc. and Morgan Stanley jointly sold a large number of iQIYI shares while in possession of material non-public information that they obtained under their agreements with Archegos Capital Management (“Archego”). The defendants knew or recklessly disregarded that they owed a duty of loyalty to Archegos or an obligation arising from a similar relationship of trust to keep the information confidential.

While March 2021, Goldman Sachs and Morgan Stanley learned in confidence that Archegos had failed or likely would fail to meet a margin call that required Archegos to liquidate its position with the Company. By trading this non-public information, Goldman Sachs and Morgan Stanley avoided billions in losses on their iQIYI investments by recently selling the company’s securities March 2021 before the market found out about Archegos’ troubles. When this information reached the market, the price of iQIYI securities fell sharply, causing harm to the company’s investors.

If you want to appear as the lead plaintiff, you have to go to court no later than January 31, 2022. A lead plaintiff is a representative party who acts on behalf of other members of the group in directing the dispute. Your ability to partake in a recovery does not require you to be the lead plaintiff. If you do nothing, you can remain an absent class member.

If you have bought or otherwise acquired iQIYI securities and / or would like to discuss your legal rights and options, please visit stock -464 / or contact Joe Seidman toll free at (877) 779-1414 or [email protected].

Bernstein Liebhard LLP has been recovering since 1993 $ 3.5 billion for its customers. In addition to representing individual investors, the firm has been hired by some of the largest public and private pension funds in the country to monitor their assets and litigate on their behalf. As a result of its success in hundreds of lawsuits and class actions, the firm has been listed on the National Law Journal’s “Plaintiffs Hot List” thirteen times and The Legal 500 for ten consecutive years.

ADVERTISING LAWYER. © 2021 Bernstein Liebhard LLP. The firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this report im State of Connecticut is Michael S. Bigin. Past results do not guarantee or predict a similar result with respect to future matters.

Contact information:

Joe Seidman
Bernstein Liebhard LLP
(877) 779-1414
[email protected]

SOURCE Bernstein Liebhard LLP

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