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iQIYI says internal review finds no proof to support short-seller claims

·1-min read
Sign of Chinese video-streaming platform iQiyi Inc is pictured at the Beijing International Cultural and Creative Industry Expo, in Beijing
Sign of Chinese video-streaming platform iQiyi Inc is pictured at the Beijing International Cultural and Creative Industry Expo, in Beijing

(Reuters) - iQIYI <IQ.O> said on Monday an internal review concluded that a short-seller's allegations about the streaming service inflating many of its financial metrics were without merit.

Shares of the company were up 3% in early trading.

IQIYI, owned by China's Baidu Inc <BIDU.O>, said in August it was being probed by the U.S. Securities and Exchange Commission, which was seeking documents related to acquisitions and investments identified in a report issued by short-seller firm Wolfpack Research in April.

Wolfpack did not immediately respond to a request for comment.

It had accused iQIYI of inflating user numbers, revenue and the prices the company pays for content.

(Reporting by Munsif Vengattil in Bengaluru; Editing by Maju Samuel)