A U.S. judge has disallowed a lawsuit against Chinese search engine giant Baidu. It alleged that Baidu defrauded shareholders about its ability to comply with Chinese regulations on Internet content, according to Reuters.

U.S. District Judge Lucy Koh dismissed the claims in a ruling issued Wednesday evening in San Jose, California. The lawsuit argued that 12 statements Baidu issued between March 2019 and March 2020 were false and misleading and drove up the company’s stock price.

Koh also found that there was no evidence that Baidu intentionally defrauded. Previously, plaintiff Roger Ikeda, a U.S. investor, also the company’s shareholder, alleged that senior Baidu executives concealed the company’s compliance deficiencies.

Source: https://www.reuters.com/article/us-baidu-lawsuit-idUSKBN2BV2LZ