A lawsuit was filed on behalf of investors in iQIYI, Inc. (NASDAQ: IQ) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 12/16/2021 -- An investor, who purchased shares of iQIYI, Inc. (NASDAQ: IQ), filed a lawsuit over alleged violations of Federal Securities Laws by Goldman Sachs Group Inc. ("Goldman Sachs") and Morgan Stanley ("Morgan Stanley").
Investors who purchased a significant amount of shares of iQIYI, Inc. (NASDAQ: IQ) between March 22, 2021 and March 29, 2021 have certain options and for certain investors are short and strict deadlines running. Deadline: January 31, 2022. NASDAQ: IQ investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
Both Goldman Sachs and Morgan Stanley are global financial services institutions that served as prime brokers for Archegos Capital Management ("Archegos"), a family office with $10 billion under management, helping Archegos make trades and lending it capital in the form of margin lending.
According to the complaint the plaintiff alleges on behalf of purchasers of iQIYI, Inc. (NASDAQ: IQ) common shares between March 22, 2021 and March 29, 2021, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 22, 2021 and March 29, 2021, the Goldman Sachs and Morgan Stanley sold a large amount of IQIYI shares between March 22, 2021 and March 29, 2021while in possession of material, non-public information about Archegos and its need to fully liquidate its position in the Company because of margin call pressure. As a result of these sales, Defendants Goldman Sachs and Morgan Stanley avoided billions in losses combined.
Shares of iQIYI, Inc. (NASDAQ: IQ) declined from $28.97 per share on March 23, 2021, to as low as $12.41 per share on May 13, 2021.
On December 15, 201, NASDAQ: IQ shares closed at $4.52 per share.
Those who purchased shares of iQIYI, Inc. (NASDAQ: IQ) have certain options and should contact the Shareholders Foundation.
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The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.