‘Netflix of China’ iQIYI Gets Investor Fraud Class Suits Tossed

Chinese streaming giant iQIYI Inc. beat proposed investor class actions against the company and its parent Baidu Inc. tied to a public offering after a New York federal judge tossed the shareholder suits.

The investors failed to adequately allege fraud or to establish the companies’ motive for overstating revenue projections, Judge Diane Gujarati of the US District Court for the Eastern District of New York said in a Monday order granting the companies’ motion to dismiss the complaints.

The court in February had granted the investors’ bid to amend their complaints in the iQIYI and Baidu actions. But Gujarati dismissed ...