According to the lawsuit, Goldman Sachs Group Inc. and Morgan Stanley sold a large amount of iQIYI American Depository Receipts (ADRs) during the Class Period while in possession of material non-public information about Archegos Capital Management (at the time a family office with $10 billion under management) and its need to fully liquidate its position in iQIYI because of margin call pressure. As a result of these sales, the defendants in the case, Goldman Sachs and Morgan Stanley, avoided billions in losses combined.
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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