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Case Status:    ONGOING    
On or around 03/11/2024 (Date of last review)

Filing Date: April 16, 2020

According to the Complaint, iQIYI, Inc. purports to be an innovative market-leading online entertainment service in China.

The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) iQIYI inflated its revenue figures; (2) iQIYI inflated its user numbers; (3) iQIYI inflated its expenses to cover up other fraud; and (4) as a result, Defendants' statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

On October 20, 2020, the Court issued an Order appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed a consolidated Complaint on January 19, 2021. On May 11, the Court consolidated actions. Lead Plaintiffs filed an amended consolidated Complaint on June 1.

On March 11, 2024, Lead Plaintiffs filed a second amended consolidated Complaint.

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