iQIYI, Baidu, and Discovery Securities Class Litigation

Introduction

Securities class action litigation has been filed on behalf of investors who purchased or otherwise acquired shares of iQIYI (“iQIYI”) (Nasdaq: IQ), Baidu, Inc. (Nasdaq: BIDU), or Discovery Inc. (“Discovery”) (Nasdaq: DISCA, DISCK) (collectively, the “Companies”) between March 22, 2021 and March 29, 2021, inclusive (the “Class Period”).

If you purchased or otherwise acquired shares of any of the Companies during the Class Period, you may move the Court for appointment as lead plaintiff in the relevant action by no later than the following dates:

Class action Lead Plaintiff Application Deadline
iQIYI (IQ) January 31, 2022
Baidu (BIDU) February 14, 2022
Discovery (DISCA, DISCK) March 8, 2022

A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation.  Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff.  You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.

Investors in any of the Companies who wish to learn more about the litigation should complete the form below, text or email investorinfo@lchb.com, or call Sharon M. Lee of Lieff Cabraser at 1-800-541-7358.

Background on the iQIYI, Baidu, and Discovery Securities Class Litigation

The actions allege that, during the Class Period, defendants Goldman Sachs Group Inc. and Morgan Stanley traded in the Companies’ shares while in possession of material non-public information that Archegos Capital Management (“Archegos”), a family office with $10 billion under management, failed (or was likely to fail) to meet a margin call, requiring it to fully liquidate its position in the Companies.  Defendants unloaded large block trades consisting of shares of Archegos’s doomed bets, including billions of dollars worth of the Companies’ securities beginning on March 25, 2021, before the market learned of Archegos’s collapse.  As a result of these insider sales, defendants avoided billions of dollars in losses.  Defendants knew, or were reckless in not knowing, that they were prohibited from trading while in possession of material, non-public information about Archegos but disposed of their shares in the Companies to class members anyway before the news about Archegos was revealed and the price of the Companies’ shares plummeted.

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    II.SELECT SECURITY

    Select the security in which you made transactions* between March 22 and March 29, 2021, inclusive:

    iQIYI (IQ)Baidu (BIDU)Discovery (DISCA, DISCK)

    *If you purchased more than one security, please submit each separately by re-loading this page and sending additional emails. Thank you.

    III. TRANSACTIONS

    From March 22, 2021 and March 29, 2021, inclusive, I made the following transactions:

    PURCHASES

    Date
    No. of Shares
    Price

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    SALES

    Date
    No. of Shares
    Price

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    During the 90 days after March 29, 2021, I made the following transactions:

    PURCHASES

    Date
    No. of Shares
    Price

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    SALES

    Date
    No. of Shares
    Price

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    [Please remember to send additional messages if you made relevant purchases in more than one of the stocks listed on this page.]

    About Lieff Cabraser

    Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Munich, is an internationally-recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Recognized as a “Plaintiffs’ Powerhouse” by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over $124 billion in verdicts and settlements. Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In 2021, The American Lawyer named our firm its “Boutique Litigation Firm of the Year.” Benchmark Litigation has named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America,” and listed us as its “2020 California Plaintiff Firm of the Year.” Lieff Cabraser is committed to ensuring access to justice for all.

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