BEIJING, Oct. 5, 2020 /PRNewswire/ -- iQIYI,
Inc. (Nasdaq: IQ) ("iQIYI" or the "Company"), an
innovative market-leading online entertainment service
in China, today provided an update on the status of its
internal review. As previously disclosed, shortly after the
publication of a report issued by the short-seller firm Wolfpack
Research in April 2020 (the
"Wolfpack Report"), the Company commenced an internal review
into certain allegations raised in the Wolfpack Report (the
"Internal Review"). The Internal Review is overseen by the
Company's independent audit committee, which has been assisted in
its efforts by professional advisors, including a Big 4 accounting
firm that is not the Company's auditor. The Internal Review within
the agreed scope has been substantially completed and did not
uncover any evidence that would substantiate the allegations.
The Company will continue to cooperate with the SEC in
connection with the ongoing SEC investigation, as previously
disclosed, including providing certain documents and records
related to the Internal Review and other related information,
subject to compliance with applicable law. The Company is unable to
predict the duration, outcome or impact of the SEC
investigation.
About iQIYI
iQIYI, Inc. is an innovative market-leading online entertainment
service in China. Its corporate
DNA combines creative talent with technology, fostering an
environment for continuous innovation and the production of
blockbuster content. iQIYI's platform features highly popular
original content, as well as a comprehensive library of other
professionally-produced content, professional user generated
content and user-generated content. The Company distinguishes
itself in the online entertainment industry by its leading
technology platform powered by advanced AI, big data analytics and
other core proprietary technologies. iQIYI attracts a massive user
base with tremendous user engagement, and has developed a
diversified monetization model including membership services,
online advertising services, content distribution, online games,
live broadcasting, IP licensing, talent agency, online literature
and e-commerce etc.
For more information, please contact:
Investor Relations
iQIYI, Inc.
+86 10 8264 6585
ir@qiyi.com
SOURCE iQIYI, Inc.