Baidu (BIDU) Bends to Will of Authors; Stock Sets New 52-Week High
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Baidu Inc. (NASDAQ: BIDU) removed 2.8 million files from its document-sharing website, Baidu Wenku, following a barrage of accusations from authors claiming the company infringed on copyright laws.
At least a dozen authors publically slammed Baidu CEO Robin Li over the past week, seeking compensation for the company's allegedly encouraging infringement on copyrights.
Baidu apologized to the authors and said it would shut down Wenku if the problems persisted.
Shares of Baidu are up 1.3 percent to $137.81 minutes after the opening bell on Wednesday; the stock has just marked a new 52-week at $138.25.
At least a dozen authors publically slammed Baidu CEO Robin Li over the past week, seeking compensation for the company's allegedly encouraging infringement on copyrights.
Baidu apologized to the authors and said it would shut down Wenku if the problems persisted.
Shares of Baidu are up 1.3 percent to $137.81 minutes after the opening bell on Wednesday; the stock has just marked a new 52-week at $138.25.
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