IQiyi Says Internal Review Turned Up No Fraud; Wolfpack Not Buying It
IQiyi “substantially completed” an internal review and uncovered no "evidence that would substantiate the allegations” from short-seller firm Wolfpack Research that the company committed fraud well before its 2018 initial public offering by inflating revenue and subscriber data (see 2008140003),…
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said iQiyi Monday. Known as the Netflix of China, it will continue cooperating with the SEC investigation, it said. It’s “unable to predict the duration, outcome or impact of the SEC investigation,” it said. “No surprise” that iQiyi again denied guilt, emailed Wolfpack founder Dan David. “We're looking forward to the SEC's investigation, which will prove wrongdoing." The agency didn’t respond to questions.