IQIYI Investors Get Judge’s Blessing to Amend Fraud Class Action

IQIYI Inc.‘s request to dismiss allegations the Chinese streaming platform deceived investors in related to its 2018 IPO will be paused while the plaintiffs amend their complaint, Judge Diane Gujarati said during oral arguments on Monday.

The federal judge appeared receptive to certain arguments that the class action suit should be tossed, but wouldn’t grant or deny dismissal of the suit until after the updated complaint and additional briefs add more data on a stock drop allegedly linked to the claims at issue, she said during proceedings held in US District Court for the Eastern District of New York. ...