Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Northern District of California on behalf of shareholders of Baidu, Inc. who purchased shares between March 16, 2019 and April 7, 2020.
Baidu and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On April 7, 2020, post-market, the Company was ordered by the Cyberspace Administration of China (“CAC”), China’s internet regulator, remove improper information and “low-brow content” from its internet search engine, that the content review on some of its news feed channels was not “strict,” “exerted bad influence to the society,” and violated relevant Chinese laws and regulations.
On this news, the price of Baidu’s shares fell, damaging shareholders.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until June 22, 2020 to request that the court appoint them lead plaintiff.