According to the complaint, Goldman Sachs Group Inc. (“Goldman Sachs”) and Morgan Stanley sold a large number of Baidu shares during the Class Period while in possession of material, non-public information. Defendants Goldman Sachs and Morgan Stanley knew that Archegos Capital Management, a family office with $10 billion under management, would need to fully liquidate its position in Baidu because of margin call pressure. As a result of these sales, Goldman Sachs and Morgan Stanley avoided billions in losses combined and the price of Baidu’s stock declined sharply, damaging investors.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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