WELLINGTON, Fla., June 20, 2020 /PRNewswire/ -- Barbuto & Johansson, P.A. ("BARJO" or the "Firm") and Of Counsel, Neil Rothstein, Esq. (with over 30 years of Securities Class Action experience, including cases against ENRON and HALLIBURTON) remind investors that they have until June 22, 2020 to contact the Firm to learn more about the class action filed against BAIDU, INC. (NasdaqGS: BIDU), and application for appointment of Lead Plaintiff.
The lawsuit, ROGER A. IKEDA v. BAIDU, INC., et al., Case No.: 5:20-cv-02768, was filed in the US District Court for the Northern District of California on behalf of shareholders alleging violations of federal securities laws. According to the lawsuit, during the Class Period of March 16, 2019 and April 7, 2020, inclusive, Baidu materially misled the investing public regarding its business, operational and compliance policies. Specifically, it is alleged, in part, that during the Class Period, Baidu failed to disclose that its newsfeed services were not in compliance with applicable Chinese regulatory standards and said noncompliance subjected Baidu to a heightened risk of regulatory enforcement.
On April 7, 2020, post-market, China's Internet regulator stated that Baidu's content review on some of its newsfeed channels violated relevant Chinese laws and regulations. On this news, Baidu's share price fell more than 4%, damaging investors. Only two days later, on April 9, 2020, Baidu announced that it had suspended updating its content on certain newsfeed channels to conduct maintenance, and that it expected the suspension to have an "impact on the marketing services revenue related to the suspended channels."
If you purchased shares of BIDU during the Class Period of March 16, 2019 and April 7, 2020, inclusive, and would like to discuss your options, including petitioning the court for a leadership position, you may, without obligation or cost, contact attorney Anthony Barbuto, at (888) 715-2520 or via email at [email protected]; or Neil Rothstein via email at [email protected]. Shareholders who have suffered losses exceeding $250,000 are encouraged to contact the Firm. BARJO believes strongly that the choice of a qualified lead plaintiff can have a significant impact on the successful outcome of a case.
Barbuto & Johansson, P.A.
Anthony Barbuto, Esq.
12773 Forest Hill Blvd., 101
Wellington, FL 33414
SOURCE Barbuto & Johansson, P.A.