Purchasers of iQIYI American Depositary Shares (“ADS”) Between March 29, 2018 and April 7, 2020 Are Encouraged To Contact Kehoe Law Firm, P.C. To Discuss Potential Legal Claims – Class Action Filed On Behalf of iQIYI ADS Purchasers

Kehoe Law Firm, P.C. is making consumers aware that a class action lawsuit has been filed against iQIYI, Inc. (“iQIYI” or the “Company”) (NASDAQ: IQ) in United States District Court, Eastern District of New York, on behalf of individuals or entities who purchased, or otherwise acquired, iQIYI’s securities between March 29, 2018 and April 7, 2020, both dates inclusive (the “Class Period”).  The class action is seeking to recover compensable damages caused by the iQIYI Defendants’ alleged violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5, promulgated thereunder.

According to the class action complaint, the iQIYI Defendants issued materially false and/or misleading, because they misrepresented and failed to disclose adverse facts pertaining to the Company’s business, operational and financial results, which were known to Defendants or recklessly disregarded by them. Specifically, the iQIYI Defendants made false and/or misleading statements and/or failed to disclose that: (1) iQIYI inflated its revenue figures; (2) iQIYI inflated its user numbers; (3) iQIYI inflated its expenses to cover up other fraud; and (4) as a result, Defendants’ public statements were materially false and misleading at all relevant times.

Investors who purchased, or otherwise acquired, IQ American Depositary Shares during the Class Period and suffered losses are encouraged to contact either Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], or John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected], to discuss the class action lawsuit or potential legal claims.

Kehoe Law Firm, P.C.