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Case Page

 

iQIYI, Inc. : American Depositary Shares

Case Summary

iQIYI, Inc. : American Depositary Shares Securities Litigation

Case Summary

Case Status:    DISMISSED  
—On or around 10/02/2024 (Date of order of final judgment)
Current/Last Presiding Judge:  
Hon. Diane Gujarati

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. Defendants filed a Motion to Dismiss the amended consolidated Complaint on March 3, 2023.

On March 11, 2024, Lead Plaintiffs filed a second amended consolidated Complaint. On September 30, the Court issued an Order granting Defendants' pending Motion to Dismiss and directed the Clerk of Court to enter judgment. The Clerk of Court entered judgment on October 2.

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