Important Information Regarding Section 20(a) Individual Liability Claims: Baidu's Chief Executive Officer and Chief Financial Officer are named as individual defendants alleged to have controlled the Company's public statements that AI revenue was cushioning a collapsing legacy search advertising business.

Levi & Korsinsky, LLP alerts investors in Baidu, Inc. (NASDAQ: BIDU) of a pending securities class action on behalf of shareholders who purchased securities between November 18, 2025 and August 17, 2026. Find out if you may be eligible to recover losses. You may also contact Joseph E. Levi, Esq. at jlevi@levikorsinsky.com or (212) 363-7500.

Baidu American Depositary Shares fell $13.25 per share, or 12.73%, to close at $90.87 on August 18, 2026, on unusually heavy trading volume, down from a Class Period high of $162.52 per share on January 22, 2026. The window to apply for lead plaintiff closes on November 13, 2026.

The Named Individual Defendants

Robin Yanhong Li, Co-founder and Chief Executive Officer, and Haijian He, Chief Financial Officer, are each named as individual defendants in the action pending in the United States District Court for the Southern District of New York. Both held those offices at all relevant times during the Class Period.

Section 20(a) Control Person Framework

Alongside claims under Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5, the securities action asserts Section 20(a) control person claims against Li and He. In practical terms, shareholders are seeking to hold both officers personally accountable for statements the action alleges were materially false or misleading when made.

Alleged Control Person Liability

• Authority over the contents of Baidu's SEC reports, press releases, and presentations to securities analysts, money managers, and institutional investors, as pleaded.
• Receipt of copies of the reports and releases alleged to be misleading prior to, or shortly after, issuance, together with the ability and opportunity to prevent or correct them.
• Access to material non-public information regarding the pace of the legacy online marketing decline relative to AI-powered revenue.
• Responsibility for the annual report on Form 20-F for fiscal year 2025, which stated the Company was "not aware of any trends, uncertainties, demands, commitments or events" reasonably likely to have a material and adverse effect on total revenue.
• Alleged failure to disclose that total revenue was reasonably likely to decline because AI growth was insufficient to offset legacy deterioration.

Sarbanes-Oxley Certification Obligations

Under Sections 302 and 906 of the Sarbanes-Oxley Act, senior officers personally attest to the accuracy and completeness of the disclosures they sign. As claimed in the action, that personal attestation is what exposes both officers to individual liability here.

"Corporate officers have a duty to ensure their companies' public statements are accurate and complete. This complaint charges that Baidu's most senior officers repeatedly assured the market that AI revenue was cushioning the legacy advertising decline, while allegedly omitting that the AI-powered business itself was not sustaining that role." -- Joseph E. Levi, Esq.

Submit your information to learn more or call (212) 363-7500.

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Frequently Asked Questions About the BIDU Lawsuit

Q: What is the BIDU class action lawsuit about? A: A securities class action has been filed against Baidu, Inc. (NASDAQ: BIDU) alleging materially false and misleading statements between November 18, 2025 and August 17, 2026. Shares fell approximately 12.73% after the Company disclosed second quarter 2026 results showing that its Core AI-powered business fell 8% quarter over quarter while Legacy Business revenue fell 23% year over year. Investors who purchased shares during the Class Period and suffered losses may be eligible to seek compensation.

Q: What court was the BIDU class action filed in? A: The case was filed in the United States District Court for the Southern District of New York, governed by the Private Securities Litigation Reform Act of 1995.

Q: Who are the defendants named in the BIDU lawsuit? A: The complaint names Baidu, Inc. and individual defendants including senior executives who signed SEC filings, made public statements, or certified financial disclosures under Sarbanes-Oxley.

Q: What is a lead plaintiff and why does it matter? A: A lead plaintiff is the investor appointed by the court to represent the entire class. Lead plaintiffs are typically investors with the largest documented losses. Being appointed does not increase individual recovery but gives direct oversight of how the case is run.

Q: What happens after I contact Levi & Korsinsky? A: An attorney will review your trading history at no cost and provide an initial assessment of your potential eligibility.

Q: What if I already sold my BIDU shares -- can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought during the Class Period and sold at a loss may still be eligible to participate.

Q: Do I need to go to court or give testimony? A: No. The overwhelming majority of class members never appear in court or give depositions. If there is a settlement or recovery, eligible class members generally submit a claim form to seek their portion.

Q: What does it cost me to participate? A: There is no upfront cost to submit your information and review whether you may be eligible to recover. Should you choose to participate in the securities class action, they are generally handled on a contingency basis, with any attorneys' fees and expenses subject to court approval.

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