Chinese streaming service iQIYI tumbles after disclosing SEC probe into records

Chinese streaming service iQIYI tumbles after disclosing SEC probe into records

The Edge Markets - Technology·2020-08-14 13:46

LOS ANGELES (Aug 14): iQIYI Inc, a Chinese Netflix-style streaming service that’s backed by Baidu Inc., tumbled as much as 19% after disclosing that the company is under investigation by the U.S. Securities and Exchange Commission.

iQIYI said on Thursday that it’s cooperating with the probe, which is seeking financial and operating records dating from January 2018. Investigators are also seeking documents about acquisitions and investments that were cited by short seller Wolfpack Research in a report in April, the company said. iQIYI has hired advisers to conduct an internal review.

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