In particular, the IQIYI lawsuit alleges that Goldman Sachs and Morgan Stanley confidentially learned that the family office Archegos Capital Management had failed or was likely to fail to meet a margin call, requiring Archegos to liquidate its position in various companies, including iQiyi. Trading on this non-public information, Goldman Sachs and Morgan Stanley reportedly avoided billions of dollars in losses on their iQiyi investments by selling Company securities in late March 2021 before the market learned of Archegos’s difficulties. When this information reached the market, the price of iQiyi securities fell sharply, damaging Company investors.
Shareholders have until January 31, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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