NEW YORK, April 12, 2020 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors in Baidu, Inc. ("Baidu" or the "Company") (NASDAQ: BIDU). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Baidu and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On April 7, 2020, post-market, China's internet regulator, the Cyberspace Administration of China, stated that search engine Baidu's content review on some of its news feed channels is not "strict," "exerted bad influence to the society," and violated relevant Chinese laws and regulations. The Chinese internet regulator ordered Baidu to clean up improper information and halt the spread of "low-brow content." As a result, Baidu stated on its mobile app that it would suspend operations of some mobile app channels, without elaborating on when it would resume those operations.
On this news, Baidu's share price fell $4.46 per share, or 4.38%, to close at $97.33 per share on April 8, 2020, damaging investors.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP