New York, New York, Mar 27, 2022 (Newsfile Corp via COMTEX) -- New York, New York--(Newsfile Corp. - March 27, 2022) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Goldman Sachs Group, Inc. and Morgan Stanley ("Goldman Sachs" "Morgan Stanley" or the "Companies") /zigman2/quotes/209237603/composite GS +5.79% /zigman2/quotes/209104354/composite MS +5.20% and reminds investors of the March 30, 2022 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Companies.
If you suffered losses exceeding $100,000 investing in Baidu stock or options between March 22, 2021 and March 29, 2021 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310) . You may also click here for additional information: www.faruqilaw.com/BIDU .
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
According to the complaint, Defendants Goldman Sachs Group Inc. and Morgan Stanley collectively sold off billions of dollars' worth of Baidu shares while in possession of material non-public information they obtained pursuant to their agreements with, and from serving as prime brokers for, Archegos Capital Management ("Archegos"). Defendants knew or recklessly disregarded that they owed a fiduciary duty, or obligation arising from a similar relationship of trust and confidence, to Archegos to keep the information confidential.
During March 2021, Goldman Sachs and Morgan Stanley confidentially learned that Archegos had failed, or was likely to fail, to meet a margin call, requiring Archegos to liquidate its position in Baidu. Trading on this non-public information, Goldman Sachs and Morgan Stanley avoided billions of dollars in losses on their Baidu investments by selling Company securities in late March 2021 before the market learned of Archegos' difficulties. When this information reached the market, the price of Baidu securities fell sharply, damaging Company investors.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Baidu's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP ( www.faruqilaw.com ). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
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