October 02, 2024
China-based streaming service iQIYI, dubbed the "Netflix of China," and another streaming service, Baidu Inc., have beaten proposed shareholder class action suits alleging the companies falsely beefed up iQIYI's user metrics, causing stock price drops when the truth was later revealed in a short seller report.
April 28, 2020
Chinese streaming giant iQIYI misled shareholders by inflating its revenue and number of users by up to 44% and 60%, respectively, leading to a fall in its stock price when the truth was revealed, according to a series of lawsuits against the company in California and New York federal court.