|Company Name||Baidu, Inc.|
On August 13, 2020, after the market closed, iQIYI announced that the U.S. Securities & Exchange Commission sought “the production of certain financial and operating records dating from January 1, 2018, as well as documents related to certain acquisitions and investments that were identified in a report issued by short-seller firm Wolfpack Research in April 2020.” Baidu founded iQIYI in 2010 and currently owns a 56% controlling interest in iQIYI.
On this news, the Company’s shares fell as much as $8.51, or nearly 7%, during intraday trading on August 14, 2020.
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