BARBUTO & JOHANSSON (“BARJO”) LITIGATION UPDATE: The Law Firm Reminds Investors of Upcoming Class Action Deadlines in DOYU, IQ and BIDU

WELLINGTON, Fla., May 19, 2020 (GLOBE NEWSWIRE) -- Barbuto & Johansson, P.A. (“BARJO”) informs investors of the pending class action lawsuits against DouYu International Holdings Limited (NASDAQGS: DOYU), iQIYI, Inc. (NASDAQGS: IQ), and Baidu, Inc. (NASDAQGS: BIDU), as well as the upcoming deadlines to petition the court for lead plaintiff.  The lawsuits allege federal securities law violations as follows:

DOUYU CLASS ACTION (DOYU)U.S. District Court: Central District of CaliforniaClass Action Period: Connected with Initial Public OfferingLead Plaintiff Deadline: May 26, 2020

The lawsuit alleges, in part, that the Defendants made materially false and/or misleading statements and/or failed to disclose that as of the IPO, DouYu’s risks related to its top streamers had materialized, including that a top streamer was actively misrepresenting herself on DouYu’s platform, and costs associated with retaining top streamers was swelling.

iQIYI CLASS ACTION (IQ)U.S. District Court: Eastern District of New YorkClass Action Period: March 29, 2018 through April 7, 2020Lead Plaintiff Deadline: June 15, 2020

According to the lawsuit, it is alleged, in part, that during the Class Period, iQIYI failed to disclose that the Company inflated its revenue figures and user numbers, and inflated its expenses to cover up a fraud.  On April 7, 2020, Wolfpack Research released a report detailing, among other things, how iQIYI had misled investors and failed to disclose pertinent information generally and in its Registration Statement.

BAIDU CLASS ACTION (BIDU)U.S. District Court: Northern District of CaliforniaClass Action Period: March 16, 2019 through April 7, 2020Lead Plaintiff Deadline: June 22, 2020

The lawsuit alleges that during the Class Period, the Defendants made false and misleading statements to investors. Specifically, it is alleged that Baidu and its senior management failed to disclose to investors that Baidu’s feed services were not in compliance with Chinese regulatory standards.

If you purchased shares of DOYU, IQ or BIDU during their respective class periods, you may contact attorney Anthony Barbuto, at no obligation to you, to discuss your options as a class member and petitioning for lead appointment.  Mr. Barbuto can be reached at: (888) 715-2520 or via email at [email protected].

Barbuto & Johansson, P.A. 12773 Forest Hill Blvd., 101 Wellington, FL 334141-888-715-2520www.barjolaw.com

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