The Complaint alleges that Goldman Sachs and Morgan Stanley sold a large amount of Baidu Inc. ("Baidu" or the "Company") shares during the Class Period while in possession of material, non-public information about Archegos and its need to fully liquidate its position in the Company because of margin call pressure. As a result of these sales, Defendants Goldman Sachs and Morgan Stanley avoided billions in losses combined. The Complaint further alleges that Defendants knew, or were reckless in not knowing, that they were prohibited from trading based on this confidential market-moving information, but traded anyway, disposing to Plaintiff and other members of the Class their Baidu shares before the news about Archegos was announced and Baidu’s shares plummeted.