Technology

'China's Netflix' is being investigated by the SEC for alleged fraud

'China's Netflix' is being investigated by the SEC for alleged fraud

Investors are getting nervous about iQiyi (IQ), the online streaming provider often referred to as the "Netflix of China," as regulators examine allegations of inflated earnings. Shares of the Nasdaq-listed company fell 11.6% in pre-market trading Friday after iQiyi revealed that the US Securities and Exchange Commission had opened an investigation into its practices following a controversial report alleging massive fraud at the firm.

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