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BOSTON, Dec. 03, 2021 (GLOBE NEWSWIRE) -- Block & Leviton announces that a class action lawsuit has been filed against Goldman Sachs Group, Inc. and Morgan Stanley for securities law violations regarding trading in iQIYI Inc. (NASDAQ: IQ) stock. Investors who purchased shares between March 22 and 29, 2021 are encouraged to contact the firm to learn more about how they might recover those losses. For more details, visit https://www.blockleviton.com/cases/iq.
What is this all about?
The complaint alleges that during one week in late March 2021, investment banks Goldman Sachs and Morgan Stanley traded on inside information by selling large amounts of iQIYI Inc. (IQ) stock based on then publicly undisclosed information obtained through their relationship with troubled multi-billion dollar family office Archegos Capital Management. Both banks avoided billions of dollars of losses by selling before the information was publicly available.
Shares of iQIYI ADR stock fell over 40% during the week of March 22, 2021 to March 29, 2021.
Who is eligible?
Anyone who purchased iQIYI stock between March 22-29, 2021 is potentially eligible, whether or not they have sold their investment. Investors should contact Block & Leviton to learn more.
What should you do next?
The deadline to seek appointment as lead plaintiff is January 31, 2022. A class has not yet been certified, and until a certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
Why should you contact Block & Leviton?
Many law firms have issued releases about this matter; most of those firms do not actually litigate securities class actions. Block & Leviton is a law firm that actually litigates cases. We are dedicated to obtaining significant recoveries on behalf of defrauded investors through active litigation in the federal courts across the country. Many of the nation's top institutional investors hire us to represent their interests. You can learn more about us at our website, www.blockleviton.com, or call (617) 398-5600 or email firstname.lastname@example.org with any questions.
This notice may constitute attorney advertising.
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (617) 398-5600
SOURCE: Block & Leviton LLP