Alibaba Group Holding Limited Investors: Last Days to Participate Actively in the Class Action ...
Investors with losses are encouraged to contact the firm before January 12, 2021; clickhereto submit trade information
LOS ANGELES, Dec. 24, 2020 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Alibaba Group Holding Limited (NYSE: BABA) investors that acquired shares between July 20, 2020 and November 3, 2020. Investors have until January 12, 2021 to seek an active role in this litigation.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors concerning Ant Group. Ant Group, the Hangzhou-based company, a 2010 offshoot of e-commerce giant Alibaba, dominates China’s payments market via the Alipay app. It also runs the giant Yu’ebao money market fund and two of the country’s largest consumer lending platforms. Other businesses include a credit scoring unit and an insurance marketplace.
On or about October 26, 2020, Ant Group priced its initial public offering (“IPO”) to list its shares on the Shanghai and Hong Kong stock exchanges. The IPO was set to raise $34.5 billion.
On November 3, 2020, Ant Group’s IPO was suspended following a meeting between its controller Jack Ma, executive chairman Eric Jing, Chief Executive Officer Simon Hu and regulatory authorities in China. According to the Shanghai Stock Exchange, Ant Group had “reported significant issues such as the changes in financial technology regulatory environment,” which “may result in [the] company not meeting the conditions for listing or meeting the information disclosure requirements.”
On this news, Alibaba’s share price fell sharply during intraday trading on November 3, 2020.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than January 12, 2021.
Please visit our website to review more information and submit your transaction information.
The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar