Scott + Scott Lawyers LLP files
NEW YORK, December 16, 2021 (GLOBE NEWSWIRE) – Scott + Scott Attorneys at Law LLP (âScott + Scottâ), an international shareholder and consumer rights litigation firm, has filed a securities class action lawsuit against Goldman Sachs Group Inc. (âGoldman Sachsâ) and Morgan Stanley (âMorgan Stanleyâ), alleging violations of Â§Â§20A, 10 (b) and 20 (a) of the Securities Exchange Act of 1934 (the âExchange Act â), 15 USC Â§Â§78t-1, 78j (b) and 78t (a), and Securities and Exchange Commission (SEC) Rule 10b-5 promulgated thereunder, 17 CFR Â§240.10b- 5. If you purchased common shares of Baidu, Inc. (âBaiduâ or the âCompanyâ) (NASDAQ: BIDU) between March 22, 2021 and March 29, 2021 inclusive (the âClass Periodâ) and you have suffered significant losses, realized or unrealized, we encourage you to contact Scott + Scott’s attorney Jonathan Zimmerman at (888) 398-9312 for more information.
Goldman Sachs and Morgan Stanley are global financial services institutions that have served as prime brokers for Archegos Capital Management (âArchegosâ), a family office with $ 10 billion under management, helping Archegos complete transactions and lending capital to Archegos. in the form of a margin loan.
According to the Complaint, Goldman Sachs and Morgan Stanley sold a large amount of Baidu shares during the Class Period while in possession of material and non-public information about Archegos and its need to liquidate its position in the Company entirely. due to the pressure of margin calls. As a result of these sales, the defendants Goldman Sachs and Morgan Stanley avoided billions of losses combined.
Lead Applicant Deadline
The deadline for the Lead Complainant in this action is February 14, 2022. Any member of the proposed Class may request to serve as the Lead Complainant through any lawyer of their choice, or may elect to do nothing and remain a member of the proposed Group. The case is pending in the Southern District of New York under file number 1: 21-cv-10791.
What you can do
If you bought Baidu common shares during the Class Period, or if you have any questions regarding this notice or your legal rights, we encourage you to contact attorney Jonathan Zimmerman at (888) 398-9312 or [email protected]
About Scott + Scott
Scott + Scott has extensive experience in pursuing major securities, antitrust and consumer rights actions across the United States. The firm represents pension funds, foundations, individuals and other entities around the world with offices in New York, London, Amsterdam, Connecticut, California, Virginia and Ohio.
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