iQiyi, Inc. (NASDAQ: IQ) shares dropped more than 12% in the after-hours session Thursday as the company revealed it’s under investigation from the United States Securities and Exchange Commission.What Happened: The Chinese video-streaming service akin to Netflix Inc (NASDAQ: NFLX) said the SEC is seeking financial and operating records dating from January 1, 2018, CNBC reported.The video streamer said the federal agency has also asked for documents related to acquisitions and investments identified in a Wolfpack Research report dating back to April.Why It Matters: Wolfpack claimed at the time that iQiyi had been fudging user numbers since its initial public …read more
Source:: Yahoo Finance
