NEW YORK, NY / ACCESSWIRE / December 23, 2021 / Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who have purchased or acquired securities of Baidu Inc. (“Baidu” or the “Company”) (NASDAQ: BIDU) between March 22, 2021 and March 29, 2021 included (the “Recourse Period”). The lawsuit was filed in the United States District Court for the Southern District of New York and alleges violations of the Securities Act of 1934.
If you purchased Baidu securities and / or wish to discuss your legal rights and options please visit Baidu, Inc. Shareholder Class Action or contact Joe seidman free of charge at (877) 779-1414 or [email protected]
Baidu Inc. is a Chinese multinational technology company specializing in internet related products and services and artificial intelligence.
According to the complaint, the defendants Goldman Sachs Group Inc. and Morgan Stanley collectively sold billions of dollars of Baidu shares while in possession of material non-public information which they obtained pursuant to their agreements with , and serving as prime brokers for, Archegos Capital Management (“Archegos”). The defendants knew or unwisely ignored that they owed a fiduciary duty, or an obligation arising from a similar relationship of trust, to Archegos to keep the information confidential.
In March 2021, Goldman Sachs and Morgan Stanley confidentially learned that Archegos had failed, or was likely to fail, to respond to a margin call, forcing Archegos to liquidate its position in Baidu. By trading on this non-public information, Goldman Sachs and Morgan Stanley avoided billions of dollars in losses on their investments in Baidu by selling the company’s securities in late March 2021 before the market learned of Archegos’ difficulties. When this information reached the market, the price of Baidu’s securities fell sharply, hurting the company’s investors.
If you wish to act as the principal applicant, you must apply to the Court at the latest February 14, 2022. A principal plaintiff is a representative party acting on behalf of the other members of the class to direct the litigation. Your ability to participate in any recovery does not require you to serve as the principal applicant. If you choose not to take any action, you can remain an absent group member.
If you purchased Baidu securities and / or wish to discuss your legal rights and options please visit https://www.bernlieb.com/cases/baiduinc-bidu-shareholder-lawsuit-class-action-fraud-stock-469/ or contact Joe seidman free of charge at (877) 779-1414 or [email protected]
Since 1993, Bernstein Liebhard LLP has collected more than $ 3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and take legal action on their behalf. Due to its success in litigating hundreds of lawsuits and class actions, the firm has been named thirteen times on the National Law Journal’s Plaintiff List and listed in The Legal 500 for ten consecutive years.
LAWYER ADVERTISING. © 2021 Bernstein Liebhard LLP. The law firm responsible for this announcement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The attorney responsible for this advertisement in the state of Connecticut is Michael S. Bigin. Past results do not guarantee or predict a similar result with respect to any future matters.
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