According to the Complaint, Baidu, Inc. purports to provide Internet search services in China and internationally. It operates through two segments, one of which is iQIYI. The iQIYI segment provides online entertainment service, including original and licensed content; membership services; and online advertising services. The Company was formerly known as Baidu.com, Inc. and changed its name to Baidu, Inc. in December 2008.

The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Baidu misrepresented the financial and business condition of iQIYI; (2) iQIYI had inadequate controls; and (3) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times. According to the Complaint, these true details were disclosed by a market research firm.

On April 5, 2022, the Court issued an Order consolidating cases and appointing Lead Plaintiffs and Counsel. All future docketing was ordered to be done in the lead case 20-CV-03794.

Lead Plaintiffs filed a consolidated Complaint on June 22, 2022.